As filed with the Securities and Exchange Commission on ^December 22, 1997
Registration No. ^333-40955
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
PRE-EFFECTIVE AMENDEMENT NO. 1 TO
FORM SB-2
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
----------------------
SFSB Holding Company
(Exact name of Small Business Issuer as specified in charter)
Pennsylvania 6035 23-2934332
- ---------------------------- ----------------- -------------------
(State or other jurisdiction (Primary SIC No.) (I.R.S. Employer
of incorporation or Identification No.)
organization)
900 Saxonburg Boulevard, Pittsburgh, Pennsylvania 15223
(412) 487-4200
- --------------------------------------------------------------------------------
(Address, including zip code, and telephone number, including area code, of
principal executive offices and principal place of business)
Ms. Barbara J. Mallen
President
SFSB Holding Company
900 Saxonburg Boulevard, Pittsburgh, Pennsylvania 15223
(412) 487-4200
--------------------------------------------------------
(Name, address and telephone number of agent for service)
Please send copies of all communications to:
Samuel J. Malizia, Esq.
Gregory J. Rubis, Esq.
Felicia C. Battista, Esq.
MALIZIA, SPIDI, SLOANE & FISCH, P.C.
1301 K Street, N.W., Suite 700 East, Washington, D.C. 20005
APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED SALE TO THE PUBLIC:
As soon as practicable after this registration statement becomes effective.
If this Form is filed to register additional securities for an offering
pursuant to Rule 462(b) under the Securities Act, please check the following box
and list the Securities Act registration statement number of the earlier
effective registration statement for the same offering. [ ]
If this Form is a post-effective amendment filed pursuant to Rule
462(c) under the Securities Act, check the following box and list the Securities
Act registration statement number of the earlier registration statement for the
same offering. [ ]
If delivery of the prospectus is expected to be made pursuant to Rule 434,
please check the following box. [ ]
<PAGE>
PROSPECTUS
Up to ^ 727,375 Shares of Common Stock
(Anticipated Maximum, as adjusted)
SFSB Holding Company
900 Saxonburg Boulevard
Pittsburgh, Pennsylvania 15223
================================================================================
Stanton Federal Savings Bank is converting from the mutual form to the
stock form of organization. As part of the conversion, Stanton Federal Savings
Bank will become a wholly owned subsidiary of SFSB Holding Company. SFSB Holding
Company was formed in October 1997 and upon consummation of the conversion will
own all of the shares of Stanton Federal Savings Bank. The common stock of SFSB
Holding Company is being offered to the public in accordance with a ^ plan of
conversion. The Office of Thrift Supervision has approved the plan of conversion
subject to the approval of a majority of the votes eligible to be cast by
members of Stanton Federal Savings ^. No common stock will be sold if Stanton
Federal Savings Bank does not receive these approvals ^ or SFSB Holding Company
does not receive orders for at least the minimum number of shares.
================================================================================
TERMS OF OFFERING
An independent appraiser has estimated the market value of the
converted Stanton Federal Savings Bank to be between $4,675,000 to $6,325,000,
which establishes the number of shares to be offered. Subject to Office of
Thrift Supervision approval, an additional 15% above the maximum number of
shares, or up to 727,375 shares may be offered. Based on these estimates, we are
making the following offering of shares of common stock:
<TABLE>
<CAPTION>
<S> <C>
o Price Per Share: $10.00
o Number of Shares
Minimum/Maximum/Maximum, as adjusted: 467,500 to 632,500 to 727,375
o Underwriting Commissions and Other Expenses
Minimum/Maximum/Maximum, as adjusted: $320,000
o Net Proceeds to SFSB Holding Company
Minimum/Maximum/Maximum, as adjusted: $4,355,000 to $6,005,000 to $6,953,750
o Net Proceeds Per Share
Minimum/Maximum/Maximum, as adjusted: $9.32 to $9.49 to $9.56
</TABLE>
Please refer to Risk Factors beginning on page 1 of this document.
These securities are not deposits or accounts and are not insured or guaranteed
by the Federal Deposit Insurance Corporation or any other government agency.
Neither the Securities and Exchange Commission, Office of Thrift Supervision,
nor any state securities regulator has approved or disapproved these securities
or determined if this prospectus is accurate or complete. Any representation to
the contrary is a criminal offense.
<TABLE>
<CAPTION>
<S> <C>
For information on how to subscribe, call the Stock Information Center at (412) __________
</TABLE>
RYAN, BECK & CO.
The date of this prospectus is __________ ____, 1998
<PAGE>
- --------------------------------------------------------------------------------
TABLE OF CONTENTS
Page
----
Questions and Answers About the Stock Offering............................(i)
Summary.................................................................(iii)
Selected Financial and Other Data........................................(vi)
Risk Factors................................................................1
Proposed Purchases by Directors and Officers................................4
Use of Proceeds.............................................................4
Dividends...................................................................5
Market for the Common Stock.................................................5
Capitalization..............................................................6
Pro Forma Data..............................................................7
Historical and Pro Forma Capital Compliance................................13
The Conversion.............................................................14
Statement of Income of Stanton Federal Savings Bank........................26
Management's Discussion and Analysis of
Financial Condition and Results of Operations............................27
Business of SFSB Holding Company...........................................37
Business of Stanton Federal Savings Bank...................................37
Regulation.................................................................49
Taxation...................................................................53
Management of SFSB Holding Company.........................................55
Management of Stanton Federal Savings Bank.................................56
Restrictions on Acquisitions of SFSB Holding Company.......................61
Description of Capital Stock...............................................64
Legal and Tax Matters......................................................65
Experts....................................................................65
Registration Requirements..................................................65
Where You Can Find Additional Information..................................66
Index to Financial Statements of Stanton Federal Savings Bank.............F-1
This document contains forward-looking statements which involve risks
and uncertainties. SFSB Holding Company's actual results may differ
significantly from the results discussed in the forward-looking statements.
Factors that might cause such a difference include, but are not limited to,
those discussed in "Risk Factors" beginning on page 1 of this document.
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
QUESTIONS AND ANSWERS ABOUT THE STOCK OFFERING
Q: What is the ^ purpose of the ^ offering?
A: The offering gives you the opportunity to become a stockholder of our
newly formed holding company, SFSB Holding Company, which will allow
you to share ^indirectly in our future as a federal stock savings bank.
The stock offering will increase our capital and funds for lending and
investment activities. As a stock savings institution operating through
a holding company structure, we will have greater flexibility for
investments.
Q: How do I purchase the stock?
A: You must complete and return the ^ stock order form to us together with
your payment, on or before 11:00 a.m., _________, _________ ____, 1998.
Q: How much stock may I purchase?
A: The minimum purchase is 25 shares (or $250). The maximum purchase is
7,500 shares (or $75,000), for any individual person or persons
ordering through a single account. No person, related person or persons
acting together, may purchase more than 12,500 shares. We may decrease
or increase the maximum purchase limitation without notifying you. In
the event that the offering is oversubscribed, ^ we will allocate
shares based upon your purchase priority.
Q: What happens if there are not enough shares to fill all orders?
A: You might not receive any or all of the shares you want to purchase.
If there is an oversubscription in the ^ subscription offering, the
stock will be offered on a priority basis to the following persons:
o Persons who had a deposit account of at least $50 with us on
December 31, 1995. Any remaining shares will be offered to:
o ^ The employee stock ownership plan of Stanton Federal Savings
Bank. Any remaining shares will be offered to:
o Persons who had a deposit account of at least $50 with us on
September 30, 1997. Any remaining shares will be offered to:
o Other persons entitled to vote on the approval of the
conversion.
If the above persons do not subscribe for all of the shares, the remaining
shares may be offered either directly by Standard Federal Savings Bank or SFSB
Holding Company in a community offering or through Ryan, Beck & Co., Inc. in a
best-efforts public offering. We have the right to reject any stock order in the
community offering or public offering. In the event of a community offering,
preference will be given to natural persons residing in Allegheny County. You
are prohibited from transferring or entering into any understanding to transfer
your subscription rights.
- --------------------------------------------------------------------------------
(i)
<PAGE>
Q: As a depositor or borrower member of Stanton Federal Savings Bank, am I
obligated to purchase stock?
A: You are not required to purchase stock.
Q: As a depositor or borrower member of Stanton Federal Savings Bank, what
will happen if I do not purchase any stock?
A: You presently have voting rights while we are in the mutual form;
however, once we convert, voting rights will be held by stockholders.
Your deposit account, certificate accounts and any loans you may have
with us will be not be affected.
Q: What particular factors should I consider when deciding whether to buy
the stock?
A: ^ Before you decide to purchase ^ shares, you should ^ read the Risk
Factors section on pages 1-3 of this document.
Q: Who can help answer any other questions I may have about the stock
offering?
A: In order to make an informed investment decision, you should read this
entire document. In addition, you may contact:
Stock Information Center
SFSB Holding Company
900 Saxonburg Boulevard
Pittsburgh, Pennsylvania 15223
(412) __________
- --------------------------------------------------------------------------------
(ii)
<PAGE>
- --------------------------------------------------------------------------------
SUMMARY
This summary highlights selected information from this document and may
not contain all the information that is important to you. To understand the
stock offering fully, you should read carefully this entire document, including
the financial statements and the notes to the financial statements of Stanton
Federal Savings Bank. References in this document to "we", "us", and "our" refer
to Stanton Federal Savings. In certain instances where appropriate, "we", "us"
or "our" refers collectively to SFSB Holding Company and Stanton Federal Savings
Bank. References in this document to "SFSB" refers to SFSB Holding Company.
The Companies
SFSB Holding Company
900 Saxonburg Boulevard
Pittsburgh, Pennsylvania 15223
(412) 487-4200
SFSB Holding Company is not an operating company and has not engaged in
any significant business to date. It was formed in October 1997 as a
Pennsylvania-chartered corporation to be the holding company for Stanton Federal
Savings Bank. The holding company structure will provide greater flexibility in
terms of operations, expansion and diversification. See page 37.
Stanton Federal Savings Bank
900 Saxonburg Boulevard
Pittsburgh, Pennsylvania 15223
(412) 487-4200
Stanton Federal Savings Bank began operations in 1890 under the name,
"F.L. Jahn Building and Loan." We are a community and customer oriented federal
mutual savings bank. We provide financial services to individuals, families and
small businesses. Historically, we have emphasized residential mortgage lending,
primarily originating one- to four-family mortgage loans. At September 30, 1997
we had total assets of $37.8 million, deposits of $33.9 million, and total
retained earnings of $3.5 million. See pages 37 to 48.
The Stock Offering
^ SFSB Holding Company is offering between 467,500 and 632,500 shares
of common stock ^ at $10 per share. As a result of changes in market and
financial conditions prior to completion of the conversion or to fill the order
of our employee stock ownership plan and subject to the Office of Thrift
Supervision approval, we may increase the offering ^ to 727,375 shares without
further notice to you. ^ If an increase in the offering size is approved, you
will not have the opportunity to change or cancel any stock order previously
delivered to us. See page 23.
Stock Purchase Priorities
The shares of common stock will be offered on the basis of purchase
priorities. Certain depositor or borrower members^ will receive subscription
rights to purchase the shares. The shares will be offered first in a ^
subscription offering and any remaining shares may be offered in a community
offering or a public offering. We have engaged Ryan, Beck & Co., Inc. to assist
in the selling of common stock on a best-efforts basis. See pages 17 to 19.
- --------------------------------------------------------------------------------
(iii)
<PAGE>
- --------------------------------------------------------------------------------
Subscription Rights
You may not sell or assign your subscription rights. Any transfer of
subscription rights is prohibited by law. See page 17.
The Offering Range and Determination of the Price Per Share
The offering range is based on an independent appraisal of the
estimated market value of the common stock by FinPro, Inc., an appraisal firm
experienced in appraisals of savings institutions. FinPro has estimated, that in
its opinion as of November 24, 1997 the aggregate estimated market value of the
common stock ranged between $4,675,000 and $6,325,000 (with a midpoint of
$5,500,000). The estimated market value of the shares is our estimated market
value after giving effect to the sale of shares in this offering.
The appraisal was based in part upon our financial condition and
operations and the effect of the additional capital raised by the sale of common
stock in this offering. The $10.00 price per share
was determined by our board of directors and is the price most commonly used in
stock offerings involving conversions of mutual savings institutions. The
independent appraisal will be updated prior to the consummation of the
conversion. If the updated estimated market value of the common stock is either
below $4,675,000 or above $7,273,750, you will be notified and will have the
opportunity to modify or cancel your order. See pages 22 to 23.
Termination of the Offering
The ^ subscription offering will terminate at 11:00 a.m., Eastern Time,
on __________ ____, 1998. The ^ community offering or public offering, if any,
may terminate at any time without notice but no later than 45 days after
completion of the ^ subscription offering, without approval by the OTS. See page
19.
Benefits to Management from the Offering
Our full-time employees will participate in the offering through
individual purchases and purchases of stock by our employee stock ownership
plan, which is a form of retirement plan. We also intend to implement a
restricted stock plan and a stock option plan, no earlier than six months
following completion of the conversion, which may benefit the President and
other officers and directors. However, the restricted stock plan and stock
option plan may not be adopted until after the conversion and are subject to
stockholder approval and compliance with OTS regulations. ^ If we adopt the
restricted stock plan ^, our executive officers and directors will be awarded
common stock at no cost to them. See pages 57 to 61.
Use of the Proceeds Raised from the Sale of Common Stock
SFSB Holding Company will use a portion of the net proceeds from the
stock offering to purchase all the common stock to be issued by us in the
conversion and to make a loan to our employee stock ownership plan to fund its
purchase of stock in the conversion. ^ After payment for our common stock, SFSB
Holding Company will retain the funds received in the stock offering as its
initial capitalization. ^ We will use the proceeds of the sale of the common
stock to make investments and fund loans. See page 4 for the range of offering
proceeds.
- --------------------------------------------------------------------------------
(iv)
<PAGE>
- --------------------------------------------------------------------------------
Dividends
SFSB does not expect to ^ pay dividends during the first year following
the conversion. We may establish a dividend policy after the first year. See
page 5.
Market for the Common Stock
Since the size of the offering is relatively small, it is unlikely that
an active and liquid trading market will develop and be maintained. Investors
should have a long-term investment intent. Persons purchasing shares may not be
able to sell their shares when they desire or sell them at a price equal to or
above $10.00. Following the completion of the Offering, it is anticipated that
the SFSB common stock will be traded on the OTC Bulletin Board. Ryan, Beck is
expected to make a market in the common stock. However, Ryan, Beck will not be
subject to any obligation with respect to such efforts. See page 5.
Important Risks in Owning Common Stock
Before you decide to purchase stock in the offering, you should read
the Risk Factors section on pages 1-3 of this document.
- --------------------------------------------------------------------------------
(v)
<PAGE>
- --------------------------------------------------------------------------------
SELECTED FINANCIAL AND OTHER DATA
The following summary financial information is derived from our 1996
and 1995 audited financial statements as well as our unaudited period September
30, 1997, as shown below. The unaudited financial information at September 30,
1997 and for the nine months ended September 30, 1997 and 1996 reflects all
adjustments (consisting only of normal recurring adjustments) which are
considered necessary to present fairly the financial information for such
period. The following information is only a summary and you should read it in
conjunction with our financial statements and notes beginning on page F-1. The
operating data for the nine month period ended September 30, 1997 and 1996 is
not necessarily indicative of the results to be expected for the full year.
Selected Financial Condition and Other Data
<TABLE>
<CAPTION>
September 30, At December 31,
------------- -----------------------------
1997 1996 1995
---- ---- ----
(Dollars in thousands)
<S> <C> <C> <C>
Total Amount of:
Assets.................................... $37,810 $33,297 $29,354
Loans receivable, net..................... 11,658 10,865 9,579
Investment securities..................... 6,468 5,528 4,731
Mortgage-backed securities ............... 8,526 7,511 8,081
Deposits.................................. 33,884 29,319 25,418
Retained earnings......................... 3,480 3,570 3,624
Number of:
Deposit accounts.......................... 6,336 4,049 3,817
Full service offices...................... 2 2 1
</TABLE>
- --------------------------------------------------------------------------------
(vi)
<PAGE>
- --------------------------------------------------------------------------------
Summary of Operations
For the Nine Months For the Years Ended
Ended September 30, December 31,
------------------ ---------------------
1997 1996 1996 1995
-------- -------- -------- -------
(In thousands)
Interest income .................. $ 1,655 $ 1,406 $ 1,966 $ 1,941
Interest expense ................. 1,059 830 1,137 1,067
------- ------- ------- -------
Net interest income .............. 596 576 829 874
Provision for loan losses ........ 39 9 37 21
------- ------- ------- -------
Net interest income after
provision for loan losses ...... 557 567 792 853
Noninterest income ............... 53 142 154 17
Noninterest expense .............. 940 738 1,033(1) 628
------- ------- ------- -------
Income (loss) before income taxes (330) (29) (87) 242
Income tax expense (benefit) ..... (147) (39) (41) 79
------- ------- ------- -------
Net income (loss) ................ $ (183) $ 10 $ (46) $ 163
======= ======= ======= =======
- --------------------
(1) Includes a one-time expense of $160,000 for the year ended December 31,
1996 for our deposit insurance premium paid to the Federal Deposit
Insurance Corporation.
Key Operating Ratios
<TABLE>
<CAPTION>
At or For the At or For the
Nine Months Ended Years Ended
September 30, December 31,
------------------ ------------------
1997 1996 1996 1995
-------- ------- -------- ------
<S> <C> <C> <C> <C>
Performance Ratios:
Return on average assets
(net income divided by average total assets) (.58)% .03% (.15)% .56%
Return on average equity
(net income divided by average equity) ...... (5.96) .27 (1.27) 4.72
Average equity to average assets ratio (average
equity divided by average total assets) ..... 9.70 12.24 11.92 11.90
Equity to assets at period end ................ 9.20 11.86 10.72 12.35
Loans to deposit ratio ........................ 34.70 37.82 37.30 38.00
Interest rate spread .......................... 2.19 2.42 2.62 2.76
Net yield on average interest-earning assets .. 2.40 2.73 2.90 3.12
Average interest-earning assets to average
interest-bearing liabilities ................ 106.81 110.08 109.36 111.67
Net interest income after provision for loan
losses to total noninterest expense ........... 59.22 76.82 76.74 135.92
Noninterest expense to average assets ......... 3.48 3.30 3.39 2.16
Asset Quality Ratios:
Non-performing loans to total loans ........... 1.89 3.66 2.12 1.38
Non-performing assets to total assets ......... .59 1.20 .70 .53
Allowance for loan losses to non-performing
assets ...................................... 47.09 10.47 28.45 25.81
Regulatory Capital Ratios:
Tangible ...................................... 8.40 11.00 10.01 11.60
Core .......................................... 8.40 11.00 10.01 11.60
Total Risk Based .............................. 23.70 30.00 34.30 28.10
</TABLE>
- --------------------------------------------------------------------------------
(vii)
<PAGE>
RISK FACTORS
In addition to the other information in this document, you should
consider carefully the following risk factors in evaluating an investment in our
common stock.
Potential Impact of Changes in Interest Rates and the Current Interest Rate
Environment
Our ability to make a profit, like that of most financial institutions,
is substantially dependent on our net interest income, which is the difference
between the interest income we earn on our interest-earning assets (e.g. such as
mortgage loans and investment securities) and the interest expense we pay on our
interest-bearing liabilities (such as deposits and borrowings). All of our
mortgage loans have rates of interest which are fixed for the term of the loan
("fixed rate") and are originated with terms of up to 30 years, while deposit
accounts have significantly shorter terms to maturity. Because our
interest-earning assets generally have fixed rates of interest and have longer
effective maturities than our interest-bearing liabilities, the yield on our
interest-earning assets generally will adjust more slowly to changes in interest
rates than the cost of our interest-bearing liabilities. As a result, our net
interest income will be adversely affected by material and prolonged increases
in interest rates. In addition, rising interest rates may adversely affect our
earnings because there might be a lack of customer demand for loans. See
"Management's Discussion and Analysis of Financial Condition and Results of
Operations -- Asset/Liability Management."
Changes in interest rates also can affect the average life of loans and
mortgage-backed securities. Historically, lower interest rates in recent periods
have resulted in increased prepayments of loans and mortgage-backed securities,
as borrowers refinanced their mortgages in order to reduce their borrowing cost.
Under these circumstances, we are subject to reinvestment risk to the extent
that we are not able to reinvest such prepayments at rates which are comparable
to the rates on the prepaid loans or securities.
Insufficient Loan Demand
The economic conditions in our market area and the stagnation in
population in the greater Pittsburgh metropolitan area in approximately the last
ten years has resulted in, among other things, a lack of demand for mortgage
loans which meet our underwriting criteria, in comparison to our relatively high
deposit origination. This has led to lower levels of loan originations. As a
result, we have increased our investment in investment securities and cash and
cash equivalents to use excess funding that would otherwise have been utilized
for investment in loans in our market area. The investment portfolio and cash
and equivalents generally bear yields which are below the yields on loans. The
insufficient mortgage loan demand has adversely affected our income. ^See
"Management's Discussion and Analysis of Financial Condition and Results of
Operations - Net Interest Income".
Loss From Insufficient Yield To Cover Overhead
The costs associated with the opening of our Saxonburg office
contributed to our net loss for the year ended December 31, 1996 and nine months
ended September 30, 1997. Occupancy and equipment expense have more than doubled
and will continue to adversely affect net income, which may result in net losses
for future periods, unless and until, we are able to expand our lending and
investment activities. However, we believe that the investment of the proceeds
of the conversion and the ability to leverage assets at our new capital levels
following the conversion are expected to improve our ability to increase our net
income and cover our increased overhead, though our noninterest expense might
increase after we become a public company. See "Management's Discussion and
Analysis of Financial Condition and Results of Operations - Recent Business
Strategy; -- Noninterest Expense."
1
<PAGE>
Dependence on Local Economy
We operate as a community-oriented financial institution, with a focus
on servicing customers in our primary market area. At September 30, 1997, most
of our loan portfolio consisted of loans made to borrowers and collateralized by
properties located in our primary market area. As a result of this
concentration, a downturn in the economy of our primary market area could
increase the risk of loss associated with our loan portfolio^, however, we do
not believe there is an undue risk as a result of this credit concentration. See
"Business of Stanton Federal Savings Bank - Market Area."
Lack of Active Market for Common Stock
Due to the small size of the offering, it is highly unlikely that an
active trading market will develop and be maintained. If an active market does
not develop, you may not be able to sell your shares promptly or perhaps at all,
or sell your shares at a price equal to or above the price you paid for the
shares. It is anticipated that SFSB Common Stock will be traded on OTC Bulletin
Board. The common stock may not be appropriate as a short-term investment. See
"Market for the Common Stock."
Anti-Takeover Provisions and Statutory Provisions That Could Discourage Hostile
Acquisitions of Control
Provisions in SFSB's articles of incorporation and bylaws, the general
corporation law of the Commonwealth of Pennsylvania, and certain federal
regulations may make it difficult and expensive to pursue a tender offer, change
in control or takeover attempt which is opposed by our management and the board
of directors. As a result, stockholders who might desire to participate in such
a transaction may not have an opportunity to do so. Such provisions will also
render the removal of the current board of directors or management of SFSB more
difficult. In addition, these provisions may reduce the trading price of our
stock. These provisions include: restrictions on the acquisition of SFSB's
equity securities and limitations on voting rights; the classification of the
terms of the members of the board of directors; certain provisions relating to
the meeting of stockholders; denial of cumulative voting by stockholders in the
election of directors; the issuance of preferred stock and additional shares of
common stock without shareholder approval; and supermajority provisions for the
approval of certain business combinations.
See "Restrictions on Acquisitions of SFSB Holding Company".
Possible Voting Control by Directors and Officers
The proposed purchases of the common stock by our directors, officers
and employee stock ownership plan, as well as the potential acquisition of the
common stock through the stock option plan and restricted stock plan, could make
it difficult to obtain majority support for stockholder proposals which are
opposed by our management and board of directors. Based upon the midpoint of the
estimated valuation range, our officers and directors intend to purchase
approximately 10.44% of the common shares offered in the conversion. In
addition, the voting of those shares could block the approval of transactions
(i.e., business combinations and amendment to our articles of incorporation and
bylaws) requiring the approval of 80% of the stockholders under the SFSB's
articles of incorporation. See "Proposed Purchases by Directors and Officers,"
"Management of Stanton Federal Savings Bank -- Executive Compensation,"
"Description of Capital Stock," and "Restrictions on Acquisitions of SFSB
Holding Company."
2
<PAGE>
Possible Dilutive Effect of Restricted Stock Plan and Stock Options
If the conversion is completed and shareholders approve the restricted
stock plan ("RSP") and stock option plan, we will issue stock to our officers
and directors through these plans. If the shares for the RSP and stock options
are issued from our authorized but unissued stock, your voting interests could
be cumulatively diluted by up to approximately 12.3% and the trading price of
our stock may be reduced. See "Pro Forma Data," "Management of Stanton Federal
Savings Bank -- Proposed Future Stock Benefit Plans," and "-- Restricted Stock
Plan."
Financial Institution Regulation and Future of the Thrift Industry
We are subject to extensive regulation, supervision, and examination by
the OTS and FDIC. Bills have been introduced in Congress that could consolidate
the OTS with the Office of the Comptroller of the Currency ("OCC") and require
the Bank to adopt a commercial charter. If we become a commercial bank, our
investment authority and the ability of SFSB to engage in diversified activities
may be limited, which could adversely affect our value and profitability. See
"Regulation."
Restrictions on Repurchase of Shares
Generally, during the first year following the conversion, SFSB may not
repurchase its shares. During each of the second and third years following the
conversion, SFSB may repurchase up to 5% of its outstanding shares. During those
periods, if we decide that additional repurchases would be an appropriate use of
funds, we would not be able to do so, without obtaining OTS approval. There is
no assurance that OTS approval would be given. See "The Conversion --
Restrictions on Repurchase of Stock."
Possible Year 2000 Computer Program Problems
A great deal of information has been disseminated about the global
computer crash that may occur in the year 2000. Many computer programs that can
only distinguish the final two digits of the year entered (a common programming
practice in earlier years) are expected to read entries for the year 2000 as the
year 1900 and compute payment, interest or delinquency based on the wrong date
or are expected to be unable to compute payment, interest or delinquency. Rapid
and accurate data processing is essential to our operations. Data processing is
also essential to most other financial institutions and many other companies.
All of our material data processing that could be affected by this
problem is provided by a third party service bureau. Our service bureau has
advised us that it expects to resolve this potential problem before the year
2000. However, if this potential problem is not resolved before the year 2000,
we would likely experience significant data processing delays, mistakes or
failures. These delays, mistakes or failures could have a significant adverse
impact on our financial condition and our results of operations.
3
<PAGE>
PROPOSED PURCHASES BY DIRECTORS AND OFFICERS
The following table sets forth the approximate purchases of common
stock by each director and executive officer and their associates in the
conversion. Shares purchased by officers and directors in the conversion may not
be sold for at least one year. The table assumes that 550,000 shares (the
midpoint of the estimated valuation range, "EVR") of the common stock will be
sold at $10.00 per share and that sufficient shares will be available to satisfy
subscriptions in all categories. However, officers and directors and their
associates may not buy more than 35% of the total amount of shares sold in the
conversion.
<TABLE>
<CAPTION>
Aggregate
Total Price of Percent
Shares Shares of Shares
Name Position Purchased(1) Purchased(1) Purchased(1)
---- -------- ------------ ------------ ------------
<S> <C> <C> <C>
Timothy R. Maier Chairman and Director 12,500 $125,000 2.27%
Barbara J. Mallen President and Director 12,500 125,000 2.27
Joseph E. Gallagher Senior Vice-President 12,500 125,000 2.27
and Director
Jerome L. Kowaleski Treasurer and Director 12,500 125,000 2.27
Mary Lois Loftus Director 7,500 75,000 1.36
-------- -------- -----
57,500 $575,000 10.44%
======== ======== =====
</TABLE>
- --------------------
(1) Does not include shares purchased by the employee stock ownership plan (the
"ESOP").
USE OF PROCEEDS
SFSB Holding Company will use 50% of the net proceeds from the offering
to purchase all of the capital stock we will issue in connection with the
Conversion. A portion of the net proceeds to be retained by SFSB Holding Company
will be loaned to our employee stock plan to fund its purchase of 8% of the
shares sold in the Conversion. On a short-term basis, the balance of the net
proceeds retained by SFSB Holding Company initially will be invested in
short-term investments. Although there are no current plans, the net proceeds
subsequently may be used to fund acquisitions of other financial services
institutions or to diversify into non-banking activities. The net proceeds may
also serve as a source of funds for the payment of dividends to stockholders or
for the repurchase of the shares. A portion of the net proceeds may also be used
to fund the purchase of 4% of the shares for a restricted stock plan (the RSP)
which is anticipated to be adopted following the Conversion. See "Pro Forma
Data."
The funds we receive from the sale of our capital stock to SFSB will be
added to our general funds and be used for general corporate purposes including:
(i) investment in mortgages and other loans, (ii) investment in U.S. Government
and federal agency securities, (iii) investment in mortgage-backed securities or
(iv) funding loan commitments. However, initially we intend to invest the net
proceeds in short-term investments until we can deploy the proceeds into higher
yielding assets. The funds added to our capital will further strengthen our
capital position.
The net proceeds may vary because the total expenses of the conversion
may be more or less than those estimated. We expect our estimated expenses to be
$320,000. Our estimated net proceeds will range from $4,355,000 to $6,005,000
(or up to $6,953,750 in the event the maximum of the estimated valuation range
is increased to $7,273,750). See "Pro Forma Data." The net proceeds will
4
<PAGE>
also vary if expenses are different or if the number of shares to be issued in
the conversion is adjusted to reflect a change in our estimated pro forma market
value. Payments for shares made through withdrawals from existing deposit
accounts with us will not result in the receipt of new funds for investment by
us but will result in a reduction of our liabilities and interest expense as
funds are transferred from interest-bearing certificates or accounts.
DIVIDENDS
Upon conversion, SFSB's board of directors will have the authority to
declare dividends on the shares, subject to statutory and regulatory
requirements. SFSB does not expect to establish a cash dividend policy during
the first year after the conversion. Declarations of dividends by the board of
directors will depend upon a number of factors, including: (i) the amount of the
net proceeds retained by SFSB in the conversion, (ii) investment opportunities
available, (iii) capital requirements, (iv) regulatory limitations, (v) results
of operations and financial condition, (vi) tax considerations, and (vii)
general economic conditions. Upon review of such considerations, the board may
authorize future dividends if it deems such payment appropriate and in
compliance with applicable law and regulation. For a period of one year
following the completion of the conversion, we will not pay any dividends that
would be treated for tax purposes as a return of capital nor take any actions to
pursue or propose such dividends. In addition, there can be no assurance that
regular or special dividends will be paid, or, if paid, will continue to be
paid. See "Historical and Pro Forma Capital Compliance," "The Conversion - -
Effects of Conversion to Stock Form on Savers and Borrowers of Stanton Federal
Savings Bank -- Liquidation Account" and "Regulation -- Dividend and Other
Capital Distribution Limitations."
SFSB is not subject to OTS regulatory restrictions on the payment of
dividends to its stockholders although the source of such dividends will be
dependent in part upon the receipt of dividends from us. SFSB is subject,
however, to the requirements of Pennsylvania law, which generally limit the
payment of dividends to amounts that will not affect the ability of SFSB, after
the dividend has been distributed, to pay its debts in the ordinary course of
business.
In addition to the foregoing, the portion of our earnings which has
been appropriated for bad debt reserves and deducted for federal income tax
purposes cannot be used by us to pay cash dividends to SFSB without the payment
of federal income taxes by us at the then current income tax rate on the amount
deemed distributed, which would include the amount of any federal income taxes
attributable to the distribution. See "Taxation -- Federal Taxation" and Note 12
to our financial statements. SFSB does not contemplate any distribution by us
that would result in a recapture of our bad debt reserve or otherwise create
federal tax liabilities.
MARKET FOR THE COMMON STOCK
As a newly organized company, SFSB has never issued capital stock, and
consequently there is no established market for the common stock. Following the
completion of the offering, it is anticipated that the common stock will be
traded on the over-the-counter market with quotations available through the OTC
Electronic Bulletin Board. Ryan, Beck is expected to make a market in the common
stock. Making a market may include the solicitation of potential buyers and
sellers in order to match buy and sell orders. However, Ryan, Beck will not be
subject to any obligation with respect to such efforts. If the common stock
cannot be quoted and traded on the OTC Bulletin Board it is expected that the
transactions in the common stock will be reported in the pink sheets of the
National Quotation Bureau, Inc.
5
<PAGE>
The development of an active trading market depends on the existence of
willing buyers and sellers. Due to the small size of the offering, it is highly
unlikely that an active trading market will develop and be maintained. You could
have difficulty disposing of your shares and you should not view the shares as a
short-term investment. You may not be able to sell your shares at a price equal
to or above the price you paid for the shares.
CAPITALIZATION
The following table presents, as of September 30, 1997, our historical
capitalization and the consolidated capitalization of SFSB after giving effect
to the conversion and the other assumptions set forth below and under "Pro Forma
Data," based upon the sale of shares at the minimum, midpoint, maximum, and 15%
above the maximum of the EVR at a price of $10.00 per share:
<TABLE>
<CAPTION>
Pro Forma Consolidated Capitalization
Based on the Sale of (2)(3)
-----------------------------------------------
Historical 467,500 550,000 632,500 727,375
Capitalization Shares at Shares at Shares at Shares At
at September 30, $10.00 $10.00 $10.00 $10.00
1997 Per Share Per Share Per Share Per Share
------ --------- --------- --------- ---------
(In thousands)
<S> <C> <C> <C> <C> <C>
Deposits(1) ............................... $ 33,884 $ 33,884 $ 33,884 $ 33,884 $ 33,884
======== ======== ======== ======== ========
Stockholders' Equity:
Preferred Stock, $.10 par value per share,
1,000,000 shares authorized; none to be
issued ................................. $ -- $ -- $ -- $ -- $ --
Common Stock, $.10 par value, 4,000,000
shares authorized; total shares to be
issued as reflected .................... -- 47 55 63 73
Additional paid in capital ................ -- 4,308 5,125 5,942 6,881
Retained earnings(4) .................... 3,480 3,480 3,480 3,480 3,480
Less:
Common Stock acquired by ESOP ........... -- (374) (440) (506) (582)
Common Stock acquired by RSP ............ -- (187) (220) (253) (291)
-------- -------- -------- -------- --------
Total stockholders' equity ............... $ 3,480 $ 7,274 $ 8,000 $ 8,726 $ 9,561
======== ======== ======== ======== ========
</TABLE>
- ---------------------
(1) Excludes accrued interest payable on deposits. Withdrawals from savings
accounts for the purchase of stock have not been reflected in these
adjustments. Any withdrawals will reduce pro forma capitalization by the
amount of such withdrawals.
(2) Does not reflect the increase in the number of shares of common stock after
the conversion in the event of implementation of the Stock Option Plan or
RSP. See "Management of Stanton Federal Savings Bank -- Proposed Future
Stock Benefit Plans -- Stock Option Plan" and "-- Restricted Stock Plan."
(3) Assumes that 8% and 4% of the shares issued in the conversion will be
purchased by the ESOP and RSP, respectively. No shares will be purchased by
the RSP in the conversion. It is assumed on a pro forma basis that the RSP
will be adopted by the board of directors, approved by stockholders of
SFSB, and reviewed by the OTS. It is assumed that the RSP will purchase
common stock in the open market within one year of the conversion in order
to give an indication of its effect on capitalization. The pro forma
presentation does not show the impact of: (a) results of operations after
the conversion, (b) changing market prices of shares of common stock after
the conversion, or (c) a smaller than 4% or 8% purchase by the RSP or ESOP,
respectively. Assumes that the funds used to acquire the ESOP shares will
be borrowed from SFSB for a ten year term at the prime rate as published in
The Wall Street Journal. For an estimate of the impact of the ESOP on
earnings, see "Pro Forma Data." The Bank intends to make contributions to
the ESOP sufficient to service and ultimately retire its debt. The amount
to be acquired by the ESOP and RSP is reflected as a reduction of
stockholders' equity. The issuance of authorized but unissued shares for
the RSP in an (footnotes continued on next page)
6
<PAGE>
amount equal to 4% of the outstanding shares of common stock will have the
effect of diluting existing stockholders' voting interests by 3.9%. There
can be no assurance that stockholder approval of the RSP will be obtained.
See "Management of Stanton Federal Savings Bank -- Proposed Future Stock
Benefit Plans -- Restricted Stock Plan."
(4) The equity of the Bank will be substantially restricted after the
conversion. See "Dividends," "Regulation -- Dividends and Other Capital
Distribution Limitations," "The Conversion -- Effects of Conversion to
Stock Form on Depositors and Borrowers of Stanton Federal Savings Bank --
Liquidation Account" and Note 16 to the Financial Statements.
PRO FORMA DATA
The actual net proceeds from the sale of the common stock cannot be
determined until the conversion is completed. However, net proceeds are
currently estimated to be between $4,355,000 million and $6,005,000 million at
the minimum and maximum, as adjusted, of the EVR, based upon the following
assumptions: (i) 8% of the shares will be sold to the ESOP and 57,500 shares
will be sold to officers, directors, and members of their immediate families;
(ii) Ryan, Beck will have received advisory and marketing fees (including legal
fees and other reimbursable expenses) of $120,000; (iii) no shares will be sold
in a Public Offering; (iv) other conversion expenses, excluding the fees and
other expenses paid to Ryan, Beck, will be $200,000; and (v) 4% of the shares
will be sold to the RSP. Because management of Stanton Federal Savings Bank
presently intends to adopt the RSP within the first year following the
conversion, a purchase by the RSP in the conversion has been included with the
pro forma data to give an indication of the effect of a 4% purchase by the RSP,
at a $10.00 per share purchase price in the market, even though the RSP does not
currently exist and is prohibited by OTS regulation from purchasing shares in
the conversion. The pro forma presentation does not show the effect of: (a)
results of operations after the conversion, (b) changing market prices of the
shares after the conversion, (c) less than a 4% purchase by the RSP, or (d)
dilutive effects of newly issued shares under the restricted stock plan and the
stock option plan (see footnotes 2 and 3).
The following table sets forth, our historical net earnings and
stockholders' equity prior to the conversion and the pro forma consolidated net
earnings and stockholders' equity of SFSB following the conversion. Unaudited
pro forma consolidated net earnings and stockholders' equity have been
calculated for the nine months ended September 30, 1997 and fiscal year ended
December 31, 1996 as if the common stock to be issued in the conversion had been
sold at January 1, 1997 and January 1, 1996 and the estimated net proceeds had
been invested at 5.52%, respectively for the fiscal year ended December 31, 1996
and the nine months ended September 30, 1997, which was approximately equal to
the one-year U.S. Treasury bill rate at September 30, 1997. The one-year U.S.
Treasury bill rate, rather than an arithmetic average of the average yield on
interest-earning assets and average rate paid on deposits, has been used to
estimate income on net proceeds because it is believed that the one-year U.S.
Treasury bill rate is a more accurate estimate of the rate that would be
obtained on an investment of net proceeds from the offering. In calculating pro
forma income, a combined effective state and federal income tax rate of 37% has
been assumed for the respective periods, resulting in an after tax yield of
3.48% for the nine months ended September 30, 1997 and the fiscal year ended
December 31, 1996. Withdrawals from deposit accounts for the purchase of shares
are not reflected in the pro forma adjustments. The computations are based upon
the assumptions that 467,500 shares (minimum of EVR), 550,000 shares (midpoint
of EVR), 632,500 shares (maximum of EVR) or 727,375 shares (maximum, as
adjusted, of the EVR) are sold at a price of $10.00 per share. As discussed
under "Use of Proceeds," a portion of the net proceeds that SFSB will receive
will be loaned to the ESOP to fund its anticipated purchase of 8% of shares
issued in the conversion. It is assumed that the yield on the net proceeds of
the conversion retained by SFSB will be the same as the yield on the net
proceeds of the conversion transferred to us. Historical and pro forma per share
amounts have been calculated by dividing historical and pro forma amounts by the
indicated number of shares. Per share amounts have been computed as if the
shares had been outstanding at the beginning of the periods or at the dates
shown, but without any adjustment of per share historical or pro forma
stockholders' equity to reflect the earnings on the estimated net proceeds.
7
<PAGE>
The stockholders' equity information is not intended to represent the
fair market value of the shares, or the current value of our assets or
liabilities, or the amounts, if any, that would be available for distribution to
stockholders in the event of liquidation. For additional information regarding
the liquidation account, see "The Conversion -- Certain Effects of the
Conversion to Stock Form on Savers and Borrowers of Stanton Federal Savings Bank
- -- Liquidation Account" and Note 16 to the Financial Statements. The pro forma
income derived from the assumptions set forth above should not be considered
indicative of the actual results of our operations for any period. Such pro
forma data may be materially affected by a change in the price per share or
number of shares to be issued in the Conversion and by other factors. For
information regarding investment of the proceeds see "Use of Proceeds" and "The
Conversion -- Stock Pricing" and "-- Change in Number of Shares to be Issued in
the Conversion."
8
<PAGE>
<TABLE>
<CAPTION>
At or For the Nine Months Ended September 30, 1997
------------------------------------------------
467,500 550,000 632,500 727,375
Shares at Shares at Shares at Shares at
$10.00 $10.00 $10.00 $10.00
per share per share per share per share
--------- --------- --------- ---------
(Dollars in Thousands, except per share amounts)
<S> <C> <C> <C> <C>
Gross proceeds ........................................... $ 4,675 $ 5,500 $ 6,325 $ 7,274
Less estimated offering expenses ......................... 320 320 320 320
------- ------- ------- -------
Estimated net proceeds ................................. 4,355 5,180 6,005 6,954
Less: ESOP funded by the Company ...................... (374) (440) (506) (582)
RSP funded by the Company .............. (187) (220) (253) (291)
------- ------- ------- -------
Estimated investable net proceeds ...................... $ 3,794 $ 4,520 $ 5,246 $ 6,081
======= ======= ======= =======
Net loss:
Historical net loss .................................... $ (183) $ (183) $ (183) $ (183)
Pro forma earnings on investable net proceeds .......... 99 118 137 159
Pro forma ESOP adjustment(1) ........................... (18) (21) (24) (27)
Pro forma RSP adjustment(2) ............................ (18) (21) (24) (27)
------- ------- ------- -------
Total .......................................... $ (120) $ (107) $ (94) $ (78)
======= ======= ======= =======
Net loss per share:
Historical net loss per share .......................... $ (.42) $ (.36) $ (.31) $ (.27)
Pro forma earnings on net proceeds ..................... .23 .23 .23 .24
Pro forma ESOP adjustment(1) ........................... (.04) (.04) (.04) (.04)
Pro forma RSP adjustment(2) ............................ (.04) (.04) (.04) (.04)
------- ------- ------- -------
Total(5) ........................................ $ (.27) $ (.21) $ (.16) $ (.11)
======= ======= ======= =======
Stockholders' equity:(3)
Historical ............................................. $ 3,480 $ 3,480 $ 3,480 $ 3,480
Estimated net proceeds ................................. 4,355 5,180 6,005 6,954
Less: Common stock acquired by ESOP(1) ................ (374) (440) (506) (582)
Common stock acquired by RSP(2) ................. (187) (220) (253) (291)
------- ------- ------- -------
Total ........................................... $ 7,274 $ 8,000 $ 8,726 $ 9,561
======= ======= ======= =======
Stockholders' equity per share:(3)
Historical ............................................. $ 7.44 $ 6.33 $ 5.50 $ 4.78
Estimated net proceeds ................................. 9.32 9.42 9.49 9.56
Less: Common stock acquired by ESOP(1) ................ (.80) (.80) (.80) (.80)
Common stock acquired by RSP(2) ................ (.40) (.40) (.40) (.40)
------- ------- ------- -------
Total ........................................... $ 15.56 $ 14.55 $ 13.79 $ 13.14
======= ======= ======= =======
Offering price as a percentage of pro forma stockholders'
equity per share(4) .................................... 64.3% 68.7% 72.5% 76.1%
======= ======= ======= =======
Ratio of offering price to pro forma earnings per share(5) N/M* N/M* N/M* N/M*
======= ======= ======= =======
</TABLE>
* Not Meaningful (footnotes on following pages)
9
<PAGE>
<TABLE>
<CAPTION>
At or For the Year Ended December 31, 1996
-----------------------------------------------
467,500 550,000 632,500 727,375
Shares at Shares at Shares at Shares at
$10.00 $10.00 $10.00 $10.00
per share per share per share per share
--------- --------- --------- ---------
(Dollars in Thousands, except per share amounts)
<S> <C> <C> <C> <C>
Gross proceeds ........................................... $ 4,675 $ 5,500 $ 6,325 $ 7,274
Less estimated offering expenses ......................... 320 320 320 320
------- ------- ------- -------
Estimated net proceeds ................................. 4,355 5,180 6,005 6,954
Less: ESOP funded by the Company ...................... (374) (440) (506) (582)
RSP funded by the Company .............. (187) (220) (253) (291)
------- ------- ------- -------
Estimated investable net proceeds ...................... $ 3,794 $ 4,520 $ 5,246 $ 6,081
======= ======= ======= =======
Net income:
Historical net income .................................. $ (46) $ (46) $ (46) $ (46)
Pro forma earnings on investable net proceeds .......... 132 157 183 212
Pro forma ESOP adjustment(1) ........................... (24) (28) (32) (37)
Pro forma RSP adjustment(2) ............................ (24) (28) (32) (37)
------- ------- ------- -------
Total ........................................... $ 38 $ 55 $ 73 $ 92
======= ======= ======= =======
Net income per share:
Historical net income per share ........................ $ (.11) $ (.09) $ (.08) $ (.07)
Pro forma earnings on net proceeds ..................... .30 .31 .31 .31
Pro forma ESOP adjustment(1) ........................... (.06) (.05) (.05) (.05)
Pro forma RSP adjustment(2) ............................ (.06) (.05) (.05) (.05)
------- ------- ------- -------
Total(5) ........................................ $ .07 $ .12 $ .13 $ .14
======= ======= ======= =======
Stockholders' equity:(3)
Historical ............................................. $ 3,570 $ 3,570 $ 3,570 $ 3,570
Estimated net proceeds ................................. 4,355 5,180 6,005 6,954
Less: Common stock acquired by ESOP(1) ................ (374) (440) (506) (582)
Common stock acquired by RSP(2) ................. (187) (220) (253) (291)
------- ------- ------- -------
Total ........................................... $ 7,364 $ 8,090 $ 8,816 $ 9,651
======= ======= ======= =======
Stockholders' equity per share:(3)
Historical ............................................. $ 7.64 $ 6.49 $ 5.64 $ 4.91
Estimated net proceeds ................................. 9.32 9.42 9.49 9.56
Less: Common stock acquired by ESOP(1) ................ (.80) (.80) (.80) (.80)
Common stock acquired by RSP(2) ................. (.40) (.40) (.40) (.40)
------- ------- ------- -------
Total ........................................... $ 15.76 $ 14.71 $ 13.93 $ 13.27
======= ======= ======= =======
Offering price as a percentage of pro forma stockholders'
equity per share(4) .................................... 63.4% 68.0% 71.8% 75.4%
======= ======= ======= =======
Ratio of offering price to pro forma earnings per share(5) 142.86x 83.33x 76.92x 71.43x
======= ======= ======= =======
</TABLE>
(footnotes on following page)
10
<PAGE>
- --------------------
(1) Assumes 8% of the shares sold in the conversion are purchased by the ESOP,
and that the funds used to purchase such shares are borrowed from SFSB. The
approximate amount expected to be borrowed by the ESOP is not reflected as
a liability but is reflected as a reduction of capital. We intend to make
annual contributions to the ESOP over a ten year period in an amount at
least equal to the principal and interest requirement of the debt. Interest
income earned by us on the ESOP debt offsets the interest paid by Stanton
Federal Savings Bank on the ESOP loan. Therefore, only the principal
payments on the ESOP debt are recorded as a tax-effected expense. The pro
forma net income assumes: (i) that 3,740, 4,400, 5,060, and 5,819 shares at
the minimum, midpoint, maximum and maximum, as adjusted of the EVR, were
committed to be released during the year ended December 31, 1996 and the
nine months ended September 30, 1997 at an average fair value of $10.00 per
share in accordance with Statement of Position ("SOP") 93-6 of the American
Institute of Certified Public Accountants ("AICPA"); (ii) the effective tax
rate was 37% for such periods based upon a combined federal and state tax
rate; and (iii) only the ESOP shares committed to be released were
considered outstanding for purposes of the per share net earnings. The pro
forma stockholders' equity per share calculation assumes all ESOP shares
were outstanding, regardless of whether such shares would have been
released. Because SFSB will be providing the ESOP loan, only principal
payments on the ESOP loan are reflected as employee compensation and
benefits expense. As a result, to the extent the value of the shares
appreciates over time, compensation expense related to the ESOP will
increase. For purposes of the preceding tables, it was assumed that a
ratable portion of the ESOP shares purchased in the conversion were
committed to be released during the period ended September 30, 1997 and
December 31, 1996. See Note 5 below. If it is assumed that all of the ESOP
shares were included in the calculation of earnings per share for the
period ended at September 30, 1997 and December 31, 1996, earnings per
share would have been $(.26), $(.19), $(.15) and $(.11), and $.08, $.10,
$.12, and $.13 for the period ended September 30, 1997 and December 31,
1996, respectively, based on the sale of shares at the minimum, midpoint,
maximum and the maximum, as adjusted, of the EVR. See "Management of
Stanton Federal Savings Bank -- Other Benefits -- Employee Stock Ownership
Plan."
(2) Assumes issuance to the RSP of 18,700, 22,000, 25,300, and 29,095 shares at
the minimum, midpoint, maximum, and maximum, as adjusted of the EVR. The
assumption in the pro forma calculation is that (i) shares were purchased
by SFSB following the conversion, (ii) the purchase price for the shares
purchased by the RSP was equal to the purchase price of $10 per share
^(iii) 20% of the amount contributed was an amortized expense during such
period, and (iv) the effective tax rate was 37% for such periods based upon
a combined federal and state tax rate. Such amount does not reflect
possible increases or decreases in the value of such stock relative to the
Purchase Price. As we accrue compensation expense to reflect the five year
vesting period of such shares pursuant to the RSP, the charge against
capital will be reduced accordingly. Implementation of the RSP within one
year of conversion would require regulatory and stockholder approval at a
meeting of our stockholders to be held no earlier than six months after the
conversion. If the shares to be purchased by the RSP are assumed at ^
January 1, 1996 and ^ January 1, 1995, to be newly issued shares purchased
from SFSB by the RSP at the Purchase Price, at the minimum, midpoint,
maximum and maximum, as adjusted, of the EVR, pro forma stockholders'
equity per share would have been $14.96, $13.99, $13.26, and $12.63 and
$15.15, $14.14, $13.39, and $12.76 at September 30, 1997 and December 31,
1996, respectively, and pro forma earnings per share would have been
$(.26), $(.20), $(.15), and $(.11) and $.07, $.12, $.12, and $.13, for the
nine months ended September 30, 1997, and the year ended December 31, 1996,
respectively. As a result of the RSP from newly issued shares,
stockholders' voting interests could be diluted by up to approximately
3.9%. The pro forma data assumes the required regulatory and stockholder
approvals. See "Management of Stanton Federal Savings Bank -- Proposed
Future Stock Benefit Plans -- Restricted Stock Plan."
(3) Assumes that following the consummation of the conversion, SFSB will adopt
the Option Plan, which if implemented within one year of conversion would
be subject to regulatory review and board of director and stockholder
approval, and that such plan would be considered and voted upon at a
meeting of SFSB stockholders to be held no earlier than six months after
the conversion. Under the Option Plan, employees and directors could be
granted options to purchase an aggregate amount of shares equal to 10% of
the shares issued in the conversion at an exercise price equal to the
market price of the shares on the date of
11
<PAGE>
grant. In the event the shares issued under the Option Plan were newly
issued rather than purchased in the open market, the voting interests of
existing stockholders could be diluted by up to approximately 9.1%. At the
minimum, midpoint, maximum and the maximum, as adjusted, of the EVR, if all
shares under the Option Plan were newly issued at the beginning of the
respective periods and the exercise price for the option shares were equal
to the Purchase Price, the number of outstanding shares would increase to
514,250, 605,000, 695,750, and 800,113 respectively, pro forma
stockholders' equity per share would have been $14.14, $13.22, $12.54, and
$11.95, and $14.32, $13.37, $12.67, and $12.06 at September 30, 1997 and
December 31, 1996, respectively, and pro forma earnings per share would
have been $(.23), $(.18), $(.13), and $(.10) and $.07, $.09, $.11, and
$.12.
(4) Consolidated stockholders' equity represents the excess of the carrying
value of the assets of the over its liabilities. The calculations are based
upon the number of shares issued in the conversion, without giving effect
to SOP 93-6. The amounts shown do not reflect the federal income tax
consequences of the potential restoration to income of the tax bad debt
reserves for income tax purposes, which would be required in the event of
liquidation. The amounts shown also do not reflect the amounts required to
be distributed in the event of liquidation to eligible depositors from the
liquidation account which will be established upon the consummation of the
conversion. Pro forma stockholders' equity information is not intended to
represent the fair market value of the shares, the current value of our
assets or liabilities or the amounts, if any, that would be available for
distribution to stockholders in the event of liquidation. Such pro forma
data may be materially affected by a change in the number of shares to be
sold in the conversion and by other factors.
(5) Pro forma net income per share calculations include the number of shares
assumed to be sold in the conversion and, in accordance with SOP 93-6,
exclude ESOP shares which would not have been released during the period.
Accordingly, ^ 33,600, 39,600, 45,540, and 52,371 shares have been
subtracted from the shares assumed to be sold at the minimum, midpoint,
maximum, and maximum, as adjusted, of the EVR, respectively, and 433,840,
510,400, 586,960, and 675,004 shares are assumed to be outstanding at the
minimum, midpoint, maximum, and maximum, as adjusted of the EVR. See Note 1
above.
12
<PAGE>
HISTORICAL AND PRO FORMA CAPITAL COMPLIANCE
The following table presents our historical and pro forma
capital position relative to our capital requirements as of September 30, 1997.
For a discussion of the assumptions underlying the pro forma capital
calculations presented below, see "Use of Proceeds," "Capitalization" and "Pro
Forma Data." The definitions of the terms used in the table are those provided
in the capital regulations issued by the OTS. For a discussion of the capital
standards applicable to us, see "Regulation -- Savings Institution Regulation --
Regulatory Capital Requirements."
<TABLE>
<CAPTION>
Pro Forma(1)
--------------------------------------------------------------------------------
$4,675,000 $5,500,000 $6,325,000 $7,273,750
Historical Minimum Midpoint Maximum Maximum, as adjusted
---------- ------- -------- ------- --------------------
Percent Percent Percent Percent Percent
Amount of Assets(2) Amount of Assets(2) Amount of Assets(2)Amount of Assets(2) Amount of Assets(2)
------ --------- ------ --------- ------ --------- --------- ------ ---------
(Dollars in thousands)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
GAAP Capital ....... $3,480 9.20% $5,097 12.93% $5,410 13.61% $5,724 14.29% $6,086 15.05%
====== ====== ====== ====== ====== ====== ====== ====== ====== ======
Tangible Capital ... $3,119 8.38% $4,736 12.20% $5,049 12.90% $5,363 13.60% $5,723 14.38%
Tangible Capital
Requirement....... 558 1.50 582 1.50 587 1.50 592 1.50 599 1.50
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Excess ............. $2,561 6.88% $4,154 10.70% $4,462 11.40% $4,771 12.10% $5,124 12.88%
====== ====== ====== ====== ====== ====== ====== ====== ====== ======
Core Capital(3) .... $3,119 8.38% $4,736 12.20% $5,049 12.90% $5,363 13.60% $5,723 14.38%
Core Capital
Requirement(4).... 1,116 3.00 1,165 3.00 1,177 3.00 1,183 3.00 1,197 3.00
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Excess ............. $2,003 5.38% $3,571 9.20% $3,872 9.90% $4,180 10.60% $4,526 11.38%
====== ====== ====== ====== ====== ====== ====== ====== ====== ======
Total Risk-Based
Capital(4) ....... $3,224 23.57% $4,841 34.08% $5,154 36.01% $5,468 37.92% $5,828 40.08%
Risk-Based Capital
Requirement....... 1,094 8.00 1,136 8.00 1,145 8.00 1,153 8.00 1,163 8.00
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Excess ............. $2,130 15.57% $3,705 26.08% $4,009 28.01% $4,315 29.92% $4,665 32.08%
====== ====== ====== ====== ====== ====== ====== ====== ====== ======
</TABLE>
- --------------------
(1) The pro forma data has been adjusted to reflect reductions in our capital
that would result from an assumed 8% purchase by the ESOP and 4% purchase
by the RSP as of September 30, 1997. It is assumed that SFSB will retain
50% of net conversion proceeds.
(2) GAAP, adjusted, or risk-weighted assets as appropriate.
(3) Proposed regulations of the OTS could increase the core capital requirement
to a ratio between 4% and 5%, based upon an association's regulatory
examination rating. See "Regulation - Regulatory Capital Requirements."
(4) Our Risk-Based Capital includes our Tangible Capital plus $105,000 of our
allowance for loan losses. ^ As of September 30, 1997, our risk-weighted
assets totaled approximately $13.7 million and our total adjusted assets
were $37.2 million. Net proceeds available for investment by us are assumed
to be invested in interest earning assets that have a 50% risk- weighting.
See footnote 15 to our financial statements.
13
<PAGE>
THE CONVERSION
Our board of directors and the OTS have approved the Plan subject to
the Plan's approval by our members, and subject to the satisfaction of certain
other conditions imposed by the OTS in its approval. OTS approval, however, does
not constitute a recommendation or endorsement of the Plan by the OTS.
General
On September 30, 1997, our board of directors adopted a Plan of
Conversion, pursuant to which we will convert from a federally chartered mutual
savings bank to a federally chartered stock savings bank and become a wholly
owned subsidiary of SFSB. The conversion will include adoption of the proposed
Federal Stock charter and Bylaws which will authorize the issuance of capital
stock by us. Under the Plan, our capital stock is being sold to SFSB and the
common stock of SFSB is being offered to our eligible depositors and members and
then to the public. The conversion will be accounted for at historical cost in a
manner similar to a pooling of interests.
The OTS has approved SFSB's application to become a savings and loan
holding company and to acquire all of our common stock to be issued in the
conversion. Pursuant to such OTS approval, SFSB will provide additional capital
to us so that tangible capital equals 10% of total assets to comply with OTS
rules requiring such capital prior to the implementation of the RSP. See "Use of
Proceeds."
The shares are first being offered in a ^ subscription offering to
holders of subscription rights. To the extent shares of common stock remain
available after the ^ subscription offering, shares of common stock may be
offered in a Community Offering or Public Offering. The Community Offering or
Public Offering, if any, may commence anytime subsequent to the commencement of
the ^ subscription offering. Shares not subscribed for in the Subscription,
Community and Public Offerings may be offered for sale by SFSB in a Syndicated
Public Offering. We have the right, in our sole discretion, to accept or reject,
in whole or in part, any orders to purchase shares of the common stock received
in the Community, Public and Syndicated Public Offering. See "-- Community or
Public Offering."
Shares of common stock in an amount equal to our pro forma market value
as a stock savings institution must be sold in order for the conversion to
become effective. The Community Offering, Public Offering or Syndicated Public
Offering must be completed within 45 days after the last day of the ^
subscription offering period unless such period is extended by us with the
approval of the OTS. The Plan provides that the conversion must be completed
within 24 months after the date of the approval of the Plan by our members.
In the event that we are unable to complete the sale of common stock
and effect the conversion within 45 days after the end of the ^ subscription
offering, we may request an extension of the period by the OTS. No assurance can
be given that the extension would be granted if requested. Due to the volatile
nature of market conditions, no assurances can be given that our estimated
market valuation would not substantially change during any such extension. If
the valuation of the shares must be amended, no assurance can be given that such
amended valuation would be approved by the OTS. Therefore, it is possible that
if the conversion cannot be completed within the requisite period, we may not be
permitted to complete the conversion. A substantial delay caused by an extension
of the period may also significantly increase the expense of the conversion. No
sales of the shares may be completed in the offering unless the Plan is approved
by our members and by the OTS.
14
<PAGE>
The completion of the offering is subject to market conditions and
other factors beyond our control. No assurance can be given as to the length of
time following approval of the Plan at the meeting of our members that will be
required to complete the sale of shares being offered in the conversion. If
delays are experienced, significant changes may occur in our estimated pro forma
market value upon conversion together with corresponding changes in the offering
price and the net proceeds to be realized by us from the sale of the shares. In
the event the conversion is terminated, we will charge all conversion expenses
against current income and any funds collected by us in the offering will be
promptly returned, with interest, to each potential investor.
Effects of Conversion to Stock Form on Depositors and Borrowers of Stanton
Federal Savings Bank
Voting Rights. Currently in our mutual form, our depositor and certain
borrower members have voting rights and may vote for the election of directors.
Following the conversion, all voting rights will be held solely by stockholders.
A stockholder will be entitled to one vote for each share of common stock owned.
Savings Accounts and Loans. The balances, terms and FDIC insurance
coverage of savings accounts will not be affected by the conversion.
Furthermore, the amounts and terms of loans and obligations of the borrowers
under their individual contractual arrangements with us will not be affected by
the conversion.
Tax Effects. We have received an opinion from our counsel, Malizia,
Spidi, Sloane & Fisch, P.C. on the federal tax consequences of the conversion.
The opinion has been filed as an exhibit to the registration statement of which
this Prospectus is a part and covers those federal tax matters that are material
to the transaction. The opinion provides, in part, that: (i) the conversion will
qualify as a reorganization under Section 368(a)(1)(F) of the Code, and no gain
or loss will be recognized by us by reason of the proposed conversion; (ii) no
gain or loss will be recognized by us upon the receipt of money from SFSB for
our stock, and no gain or loss will be recognized by SFSB upon the receipt of
money for the shares; (iii) our assets will have the same basis before and after
the conversion; (iv) the holding period of our assets will include the period
during which the assets were held by us in our mutual form; (v) no gain or loss
will be recognized by the Eligible Account Holders, Supplemental Eligible
Account Holders, and Other Members upon the issuance to them of withdrawable
savings accounts in us in the stock form in the same dollar amount as their
savings accounts in us in the mutual form plus an interest in the liquidation
account of us in the stock form in exchange for their savings accounts in us in
the mutual form; (vi) provided that the amount to be paid for the shares
pursuant to the subscription rights is equal to the fair market value of such
shares, no gain or loss will be recognized by Eligible Account Holders,
Supplemental Eligible Account Holders, and Other Members under the Plan upon the
distribution to them of nontransferable subscription rights; (vii) the basis of
each account holder's savings accounts after the conversion will be the same as
the basis of his savings accounts prior to the conversion, decreased by the fair
market value of the nontransferable subscription rights received and increased
by the amount, if any, of gain recognized on the exchange; (viii) the basis of
each account holder's interest in the liquidation account will be zero; (ix) the
holding period of the common stock acquired through the exercise of subscription
rights shall begin on the date on which the subscription rights are exercised;
(x) we will succeed to and take into account the earnings and profits or deficit
in earnings and profits of us as of the date of conversion; (xi) immediately
after conversion, we will succeed to the bad debt reserve accounts previously
held by us, and the bad debt reserves will have the same character in our hands
after conversion as if no distribution or transfer had occurred; and (xii) the
creation of the liquidation account will have no effect on our taxable income.
15
<PAGE>
The opinion from Malizia, Spidi, Sloane & Fisch, P.C. is based in part
on the assumption that the exercise price of the subscription rights will be
approximately equal to the fair market value of those shares at the time of the
completion of the proposed conversion. We have received an opinion of FinPro
which, based on certain assumptions, concludes that the subscription rights to
be received by Eligible Account Holders and other eligible subscribers do not
have any economic value at the time of distribution or at the time the
subscription rights are exercised. Such opinion is based on the fact that such
rights are: (i) acquired by the recipients without payment therefor, (ii)
non-transferable, (iii) of short duration, and (iv) afford the recipients the
right only to purchase shares at a price equal to their estimated fair market
value, which will be the same price at which shares for which no subscription
right is received in the ^ subscription offering will be offered in the Public
Offering. If the subscription rights granted to Eligible Account Holders or
other eligible subscribers are deemed to have an ascertainable value, receipt of
such rights would be taxable only to those Eligible Account Holders or other
eligible subscribers who exercise the subscription rights in an amount equal to
such value (either as a capital gain or ordinary income), and we could recognize
gain on such distribution.
We are also subject to Pennsylvania income taxes and have received an
opinion from Malizia, Spidi, Sloane & Fisch, P.C. that the conversion will be
treated for Pennsylvania state tax purposes similar to the conversion's
treatment for federal tax purposes. The opinion has been filed as an exhibit to
the registration statement to which this Prospectus is a part and covers those
state tax matters that are material to the transaction.
Unlike a private letter ruling, the opinions of Malizia, Spidi, Sloane
& Fisch, P.C. and FinPro have no binding effect or official status, and no
assurance can be given that the conclusions reached in any of those opinions
would be sustained by a court if contested by the IRS or the Pennsylvania tax
authorities. Eligible Account Holders, Supplemental Eligible Account Holders,
and Other Members are encouraged to consult with their own tax advisers as to
the tax consequences in the event the
subscription rights are deemed to have an ascertainable value.
Liquidation Account. In the unlikely event of our complete liquidation
in our present mutual form, each depositor is entitled to equal distribution of
any of our assets, pro rata to the value of his accounts, remaining after
payment of claims of all creditors (including the claims of all depositors to
the withdrawal value of their accounts). Each depositor's pro rata share of such
remaining assets would be in the same proportion as the value of his deposit
accounts was to the total value of all deposit accounts in us at the time of
liquidation.
Upon a complete liquidation after the conversion, each depositor would
have a claim, as a creditor, of the same general priority as the claims of all
other general creditors of ours. Therefore, except as described below, a
depositor's claim would be solely in the amount of the balance in his deposit
account plus accrued interest. A depositor would not have an interest in the
residual value of our assets above that amount, if any.
The Plan provides for the establishment, upon the completion of the
conversion, of a special "liquidation account" for the benefit of Eligible
Account Holders and Supplemental Eligible Account Holders. Each Eligible Account
Holder and Supplemental Eligible Account Holder, if he continues to maintain his
deposit account with us, would be entitled on a complete liquidation of us after
conversion, to an interest in the liquidation account prior to any payment to
stockholders. Each Eligible Account Holder would have an initial interest in
such liquidation account for each deposit account held in us on the qualifying
date, December 31, 1995. Each Supplemental Eligible Account Holder would have a
similar interest as of the qualifying date, September 30, 1997. The interest as
to each deposit account would be in the same proportion of the total liquidation
account as the balance of the deposit account on the qualifying dates
16
<PAGE>
was to the aggregate balance in all the deposit accounts of Eligible Account
Holders and Supplemental Eligible Account Holders on such qualifying dates.
However, if the amount in the deposit account on any annual closing date of ours
(December 31) is less than the amount in such account on the respective
qualifying dates, then the interest in this special liquidation account would be
reduced from time to time by an amount proportionate to any such reduction, and
the interest would cease to exist if such deposit account were closed. The
interest in the special liquidation account will never be increased despite any
increase in the related deposit account after the respective qualifying dates.
No merger, consolidation, purchase of bulk assets with assumptions of
savings accounts and other liabilities, or similar transactions with another
insured institution in which we, in our converted form, are not the surviving
institution, shall be considered a complete liquidation. In such transactions,
the liquidation account shall be assumed by the surviving institution.
Subscription Rights and the Subscription Offering
Restrictions on Transfer of Subscription Rights and Shares. Persons are
prohibited from transferring or entering into any agreement or understanding to
transfer the legal or beneficial ownership of their subscription rights.
Subscription rights may be exercised only by the person to whom they are granted
and only for his account. Each person subscribing for shares will be required to
certify that he is purchasing shares solely for his own account and has not
entered into an agreement or understanding regarding the sale or transfer of
those shares. The regulations also prohibit any person from offering or making
an announcement of an offer or intent to make an offer to purchase subscription
rights or shares of common stock prior to the completion of the conversion. We
intend to pursue any and all legal and equitable remedies in the event we become
aware of the transfer of subscription rights and we will not honor orders known
by us to involve the transfer of such rights. In addition, persons who violate
the purchase limitations may be subject to sanctions and penalties imposed by
the OTS.
Subscription Priorities. Non-transferable subscription rights to
purchase shares of the common stock have been granted to persons and entities
entitled to purchase shares in the ^ subscription offering under the Plan. If
the Community Offering, Public Offering or Syndicated Public Offering, as
described below, extends beyond 45 days following the completion of the ^
subscription offering, subscribers will be resolicited. Subscription priorities
have been established for the allocation of stock to the extent that shares are
available after satisfaction of all subscriptions of all persons having prior
rights and subject to the purchase limitations set forth in the Plan and as
described below under "-- Limitations on Purchases of Shares." The following
priorities have been established:
Category 1: Eligible Account Holders (First Priority). Eligible Account Holders
are persons who had a deposit account of at least $50 with us on December 31,
1995. Each Eligible Account Holder (or persons through a single account) will
receive non-transferable subscription rights on a priority basis to purchase
that number of shares of common stock which is equal to the greater of 7,500
shares ($75,000), or 15 times the product (rounded down to the next whole
number) obtained by multiplying the total number of shares to be issued by a
fraction of which the numerator is the amount of the qualifying deposit of the
Eligible Account Holder and the denominator is the total amount of qualifying
deposits of all Eligible Account Holders. If the exercise of subscription rights
in this category results in an oversubscription, shares shall be allocated among
subscribing Eligible Account Holders so as to permit each such account holder,
to the extent possible, to purchase the lesser of 100 shares or the total amount
of his subscription. Any shares not so allocated shall be allocated among the
subscribing Eligible Account Holders on an equitable basis, related to the
amounts of their respective qualifying deposits as compared to the total
qualifying deposits of all subscribing Eligible Account Holders. Only a
person(s) with a qualifying deposit as of the eligibility
17
<PAGE>
record date (or a successor entity or estate) shall receive subscription rights.
Any Person(s) added to a Savings Account after the Eligibility Record Date is
not an Eligible Account Holder. Subscription rights received by officers and
directors in this category based on their increased deposits in Stanton Federal
Savings Bank in the one-year period preceding December 31, 1995, are
subordinated to the subscription rights of other Eligible Account Holders. See
"-- Limitations on Purchases and Transfer of Shares."
Category 2: Tax-Qualified Employee Benefit Plans (Second Priority). Our
tax-qualified employee benefit plans ("Employee Plans") have been granted
subscription rights to purchase up to 8% of the total shares issued in the
conversion. The ESOP is an Employee Plan.
The right of Employee Plans to subscribe for shares is subordinate to
the right of the Eligible Account Holders to subscribe for shares. However, in
the event the offering result in the issuance of shares above the maximum of the
EVR (i.e., more than 632,500 shares), the Employee Plans have a priority right
to fill their subscription (the ESOP, the only Employee Plan, currently intends
to purchase up to 8% of the common stock issued in the conversion). The Employee
Plans may, however, determine to purchase some or all of the shares covered by
their subscriptions after the conversion in the open market or, if approved by
the OTS, out of authorized but unissued shares in the event of an
oversubscription.
Category 3: Supplemental Eligible Account Holders (Third Priority). Supplemental
Eligible Account Holders are persons who had a deposit account of at least $50
with us on September 30, 1997. Each Supplemental Eligible Account Holder who is
not an Eligible Account Holder (or persons through a single account) will
receive non-transferable subscription rights to purchase that number of shares
which is equal to the greater of 7,500 shares ($75,000), or 15 times the product
(rounded down to the next whole number) obtained by multiplying the total number
of shares to be issued by a fraction of which the numerator is the amount of the
qualifying deposit of the Supplemental Eligible Account Holder and the
denominator is the total amount of qualifying deposits of all Supplemental
Eligible Account Holders. If the exercise of subscription rights in this
category results in an oversubscription, shares shall be allocated among
subscribing Supplemental Eligible Account Holders so as to permit each such
account holder, to the extent possible, to purchase the lesser of 100 shares or
the total amount of his subscription. Any shares not so allocated shall be
allocated among the subscribing Supplemental Eligible Account Holders on an
equitable basis, related to the amounts of their respective qualifying deposits
as compared to the total qualifying deposits of all subscribing Supplemental
Eligible Account Holders. The right of Supplemental Eligible Account Holders to
subscribe for shares is subordinate to the rights of the Eligible Account
Holders and Employee Plans to subscribe for shares. See "-- Limitations on
Purchases and Transfer of Shares."
Category 4: Other Members (Fourth Priority). Other Members are persons who have
a deposit account of at least $50 on the voting record date of our special
meeting and certain borrowers whose loans were outstanding as of April 1, 1996
and continue to be outstanding, on the voting record date of our special
meeting. Each Other Member who is not an Eligible Account Holder or Supplemental
Eligible Account Holder, will receive non-transferable subscription rights to
purchase up to 7,500 shares ($75,000) to the extent such shares are available
following subscriptions by Eligible Account Holders, Employee Plans, and
Supplemental Eligible Account Holders. In the event there are not enough shares
to fill the orders of the Other Members, the subscriptions of the Other Members
will be allocated so that each subscribing Other Member will be entitled to
purchase the lesser of 100 shares or the number of shares ordered. Any remaining
shares will be allocated among Other Members whose subscriptions remain
unsatisfied on a 100 share (or whatever lesser amount is available) per order
basis until all orders have been filled on the remaining shares have been
allocated. See "-- Limitations on Purchases and Transfer of Shares."
18
<PAGE>
Members in Non-Qualified States. We will make reasonable efforts to
comply with the securities laws of all states in the United States in which
persons entitled to subscribe for the shares pursuant to the Plan reside.
However, no person will be offered or allowed to purchase any shares under the
Plan if he resides in a foreign country or in a state with respect to which any
of the following apply: (i) a small number of persons otherwise eligible to
subscribe for shares under the Plan reside in that state or foreign country;
(ii) the granting of subscription rights or offer or sale of shares of common
stock to those persons would require either us, or our employees to register,
under the securities laws of that state or foreign country, as a broker or
dealer or to register or otherwise qualify our securities for sale in that state
or foreign country; or (iii) such registration or qualification would be
impracticable for reasons of cost or otherwise. No payments will be made in lieu
of the granting of subscription rights to any person.
We will pursue any and all legal and equitable remedies in the event we
become aware of the transfer of subscription rights and will not honor orders
believed by us to involve the transfer of subscription rights.
Expiration Date. The ^ subscription offering will expire at 11:00 a.m.,
Eastern Time, on __________ ____, 1998, (Expiration Date). Subscription rights
will become void if not exercised prior to the Expiration Date.
Community or Public Offering
To the extent that shares remain available and subject to market
conditions at or near the completion of the ^ subscription offering, we may
offer shares, in a community offering, with a preference to persons who reside
in Allegheny County, Pennsylvania or to selected persons in a Public Offering on
a best-efforts basis through Ryan, Beck in such a manner as to promote a wide
distribution of common stock. Any orders received in connection with the
Community Offering or Public Offering, if any, will receive a lower priority
than orders properly made in the ^ subscription offering by persons exercising
Subscription Rights. Common Stock sold in the Community Offering or Public
Offering will be sold at the same price as all other shares in the ^
subscription offering. We have the right to reject any orders in the Community
Offering or Public Offering.
No person will be permitted to purchase more than 7,500 shares or
$75,000 of Common Stock in the Community Offering or Public Offering. In
addition, no person, related person or persons acting together, may purchase in
all categories more than 12,500 shares. To order Common Stock in connection with
the Community Offering or Public Offering, if held, an executed stock order and
payment must be received prior to the termination of the Community Offering or
Public Offering. Promptly upon receipt of available funds, together with a
properly executed stock order and account withdrawal authorization, if
applicable, and certification, Ryan, Beck will forward funds for any order in a
Community Offering or Public Offering to the Bank to be deposited in a
subscription escrow account.
The date by which orders must be received in the Community Offering or
Public Offering ("Community Offering or Public Offering Expiration Date") will
be set by us at the time of commencement of the Community Offering or Public
Offering; provided however, if the Offerings are extended beyond __________
____, 1998, each purchaser will have the opportunity to maintain, modify, or
rescind his order. In such event, all funds received in the Community Offering
or Public Offering will be promptly returned with interest unless the subscriber
affirmatively indicates otherwise.
If an order in the Community Offering or Public Offering is accepted,
promptly after the completion of the conversion, a certificate for the
appropriate amount of shares will be forwarded to Ryan, Beck as nominee for the
beneficial owner. In the event that an order is not accepted in the Community
Offering or Public Offering or the conversion is not consummated, Stanton
Federal Savings Bank will promptly
19
<PAGE>
refund with interest the funds received to Ryan, Beck which will then return the
funds to purchaser's accounts. If the aggregate pro forma market value of the
Stanton Federal Savings Bank, as converted, is less than $4,675,000 or more than
$7,273,750, each purchaser will have the right to modify or rescind his order.
The Plan also permits Ryan, Beck to conduct a Syndicated Public Offering, which
is not expected to occur. If a Syndicated Public Offering does occur, it will be
on the same terms as the Community Offering and the Public Offering.
Ordering and Receiving Shares
Use of Order Forms. Rights to subscribe in the ^ subscription offering
or purchase stock in the Community Offering or Public Offering (if any) may only
be exercised by completion of an original order form. Persons ordering shares in
the ^ subscription offering must deliver by mail or in person a properly
completed and executed original order form to us prior to the Expiration Date.
Order forms must be accompanied by full payment for all shares ordered. See "--
Payment for Shares." Subscription rights under the Plan will expire on the
Expiration Date, whether or not we have been able to locate each person entitled
to subscription rights. Once submitted, subscription orders cannot be revoked or
modified without our consent.
In the event an order form (i) is not delivered and is returned to us
by the United States Postal Service or we are unable to locate the addressee,
(ii) is not received or is received after the Expiration Date, (iii) is
defectively completed or executed, or (iv) is not accompanied by full payment
for the shares subscribed for (including instances where a savings account or
certificate balance from which withdrawal is authorized is insufficient to fund
the amount of such required payment), the subscription rights for the person to
whom such rights have been granted will lapse as though that person failed to
return the completed order form within the time period specified. We may, but
will not be required to, waive any irregularity on any order form or require the
submission of corrected order forms or the remittance of full payment for
subscribed shares by such date as we specify. The waiver of an irregularity on
an order form in no way obligates us to waive any other irregularity on that, or
any irregularity on any other, order form. Waivers will be considered on a case
by case basis. Photocopies of order forms, payments from private third parties,
or electronic transfers of funds ^ may not be accepted. Our interpretation of
the terms and conditions of the Plan and of the acceptability of the order forms
will be final. We have the right to investigate any irregularity on any order
form.
To ensure that each purchaser receives a prospectus at least 48 hours
before the Expiration Date in accordance with Rule 15c2-8 of the Exchange Act,
no prospectus will be mailed any later than five days prior to such date or hand
delivered any later than two days prior to such date. Execution of the order
form will confirm receipt or delivery in accordance with Rule 15c2-8. Order
forms will only be distributed with a prospectus.
Payment for Shares. Payment for shares of common stock in the
subscription offering may be made (i) in cash, if delivered in person, (ii) by
check or money order, or (iii) by authorization of withdrawal from savings
accounts (including certificates of deposit) maintained with us. Appropriate
means by which such withdrawals may be authorized are provided in the order
form. Once such a withdrawal has been authorized, none of the designated
withdrawal amount may be used by the subscriber for any purpose other than to
purchase the shares. Where payment has been authorized to be made through
withdrawal from a savings account, the sum authorized for withdrawal will
continue to earn interest at the contract rate until the conversion has been
completed or terminated. Interest penalties for early withdrawal applicable to
certificate accounts will not apply to withdrawals authorized for the purchase
of shares; however, if a partial withdrawal results in a certificate account
with a balance less than the applicable minimum balance requirement, the
certificate evidencing the remaining balance will earn interest at the passbook
savings
20
<PAGE>
account rate subsequent to the withdrawal. Payments made in cash or by check or
money order, will be placed in a segregated savings account and interest will be
paid by us at our passbook savings account rate from the date payment is
received until the conversion is completed or terminated. An executed order
form, once received by us, may not be modified, amended, or rescinded without
our consent, unless the conversion is not completed within 45 days after the
conclusion of the ^ subscription offering, in which event subscribers may be
given an opportunity to increase, decrease, or rescind their order. In the event
that the conversion is not consummated, all funds submitted pursuant to the
offering will be refunded promptly with interest.
Individual Retirement Accounts ("IRAs") maintained with us do not
permit investment in common stock. If you are interested in using your IRA funds
to purchase SFSB Common Stock, you must do so through a self-directed IRA. Since
we do not offer such accounts, we will allow you to make a trustee-to- trustee
transfer of the IRA funds to a trustee offering a self-directed IRA program with
the agreement that such funds will be used to purchase SFSB Common Stock in the
Offering. There will be no early withdrawal or IRS interest penalties for such
transfers. The new trustee would hold your stock in a self-directed account in
the same manner as we now hold your IRA funds. An annual administrative fee may
be payable to the new trustee. If you are interested in using your IRA funds to
purchase SFSB Common Stock, you should contact our Stock Information Center as
soon as practicable so that the necessary forms may be forwarded for execution
and returned prior to the Expiration Date. In addition, the provisions of ERISA
and IRS regulations require that officers, directors and 10% stockholders who
use self-directed IRA funds to purchase shares in the Offering make such
purchases for the exclusive benefit of IRAs.
The ESOP may subscribe for shares by submitting its order form along
with evidence of a loan commitment from a financial institution or SFSB for the
purchase of the shares during the ^ subscription offering and by making payment
for shares on the date of completion of the conversion.
Federal regulations prohibit us from lending funds or extending credit
to any person to purchase shares in the conversion.
Delivery of Stock Certificates. Certificates representing shares of
common stock issued in the conversion will be mailed to the person(s) at the
address noted on the order form, as soon as practicable following consummation
of the conversion. Any certificates returned as undeliverable will be held until
properly claimed or otherwise disposed. Persons ordering shares might not be
able to sell their shares until they receive their stock certificates.
Plan of Distribution
Materials for the subscription offering have been distributed to
eligible subscribers by mail. Additional copies are available at our stock
information center. Our officers may be available to answer questions about the
conversion. Responses to questions about us will be limited to the information
contained in this document. Officers will not be authorized to render investment
advice. All subscribers for the shares being offered will be instructed to send
payment directly to us. The funds will be held in a segregated special escrow
account and will not be released until the closing of the conversion or its
termination.
Marketing Arrangements
Ryan, Beck has been engaged as our consultant and financial advisor in
connection with the offering. Ryan, Beck has agreed to exercise its best efforts
to solicit subscriptions and purchase orders for shares in the offering.
However, Ryan, Beck is not obligated to take or purchase any shares of common
stock in the offering. Ryan, Beck will receive $120,000 which includes payment
for out-of-pocket and legal
21
<PAGE>
expenses. In the event that a selected dealers agreement is entered into in
connection with a public offering and/or syndicated public offering, we will pay
a fee to such selected dealers (which may include Ryan, Beck) of up to 5.5% of
the aggregate amount of stock sold in connection with the public offering and/or
syndicated public offering. Also, we have agreed to indemnify Ryan, Beck for
reasonable costs and expenses in connection with certain claims or liabilities
which might be asserted against Ryan, Beck. This indemnification covers the
investigation, preparation of defense and defense of any action, proceeding or
claim relating to misrepresentation or breach of warranty of the written
agreement among Ryan, Beck and us or the omission or alleged omission of a
material fact required to be stated or necessary in the prospectus or other
documents.
The shares will be offered principally by the distribution of this
document and through activities conducted at a Stock Information Center located
at our main office. The Stock Information Center is expected to operate during
our normal business hours throughout the offering. A registered representative
employed by Ryan, Beck will be working at, and supervising the operation of, the
Stock Information Center. Ryan, Beck will assist us in responding to questions
regarding the conversion and the offering and processing order forms. Our
personnel will be present in the Stock Information Center to assist Ryan, Beck
with clerical matters and to answer questions related solely to our business.
Stock Pricing
FinPro, an independent economic consulting and appraisal firm, which is
experienced in the evaluation and appraisal of business entities, including
savings institutions involved in the conversion process has been retained by us
to prepare an appraisal of our estimated pro forma market value. FinPro will
receive a fee of $25,000 for preparing the appraisal and its assistance in
connection with the preparation of a business plan and will be reimbursed for
reasonable out-of-pocket expenses. We have agreed to indemnify FinPro under
certain circumstances against liabilities and expenses arising out of or based
on any misstatement or untrue statement of a material fact contained in the
information supplied by us to FinPro.
The appraisal was prepared by FinPro in reliance upon the information
contained herein, including the financial statements. The appraisal contains an
analysis of a number of factors including, but not limited to, our financial
condition and operating trends, the competitive environment within which we
operate, operating trends of certain savings institutions and savings and loan
holding companies, relevant economic conditions, both nationally and in the
Commonwealth of Pennsylvania which affect the operations of savings
institutions, and stock market values of certain savings institutions. In
addition, FinPro has advised us that it has considered the effect of the
additional capital raised by the sale of the shares on our estimated aggregate
pro forma market value.
On the basis of the above, FinPro has determined, in its opinion, that
as of November 24, 1997 our estimated aggregate pro forma market value was
$5,500,000. OTS regulations require, however, that the appraiser establish a
range of value for the stock to allow for fluctuations in the aggregate value of
the stock due to changing market conditions and other factors. Accordingly,
FinPro has established a range of value from $4,675,000 to $6,325,000 for the
offering, the EVR. The EVR will be updated prior to consummation of the
conversion and the EVR may increase to $7,273,750.
The board of directors has reviewed the independent appraisal,
including the stated methodology of the independent appraiser and the
assumptions used in the preparation of the independent appraisal. The board of
directors is relying upon the expertise, experience and independence of the
appraiser and is not qualified to determine the appropriateness of the
assumptions.
22
<PAGE>
In order for stock sales to take place FinPro must confirm to the OTS
that, to the best of FinPro's knowledge and judgment, nothing of a material
nature has occurred which would cause FinPro to conclude that the Purchase Price
on an aggregate basis was incompatible with FinPro's estimate of our pro forma
market value of us in converted form at the time of the sale. If, however, facts
do not justify such a statement, an amended EVR may be established.
The appraisal is not a recommendation of any kind as to the
advisability of purchasing these shares. In preparing the appraisal, FinPro has
relied upon and assumed the accuracy and completeness of financial and
statistical information provided by us. FinPro did not independently verify the
financial statements and other information provided by us, nor did FinPro value
independently our assets and liabilities. The appraisal considers us only as a
going concern and should not be considered as our liquidation value. Moreover,
because the appraisal is based upon estimates and projections of a number of
matters which are subject to change, the market price of the common stock could
decline below $10.00.
Change in Number of Shares to be Issued in the Conversion
Depending on market and financial conditions at the time of the
completion of the offerings, we may significantly increase or decrease the
number of shares to be issued in the conversion. In the event of an increase in
the valuation, we may increase the total number of shares to be issued in the
conversion. An increase in the total number of shares to be issued in the
conversion would decrease a subscriber's percentage ownership interest and the
pro forma net worth (book value) per share and increase the pro forma net income
and net worth (book value) on an aggregate basis. In the event of a material
reduction in the valuation, we may decrease the number of shares to be issued to
reflect the reduced valuation. A decrease in the number of shares to be issued
in the conversion would increase a subscriber's percentage ownership interest
and the pro forma net worth (book value) per share and decrease pro forma net
income and net worth on an aggregate basis.
Persons ordering shares will not be permitted to modify or cancel their
orders unless the change in the number of shares to be issued in the conversion
results in an offering which is either less than $4,675,000 or more than
$7,273,750. If the offering is either less than $4,675,000 or more than
$7,273,750, only, persons who subscribed for shares will have an opportunity to
modify or cancel their orders. We will resolicit such persons by providing them
an updated prospectus or supplement (and filing a post-effective amendment to
this offering). Persons who did not subscribe for shares will not have the
opportunity to do so.
Limitations on Purchases and Transfer of Shares
The Plan provides for certain additional purchase limitations. The
minimum purchase is 25 shares and the maximum purchase for any individual person
or persons ordering through a single account, is 7,500 shares. In addition, no
person or persons ordering through a single account, together with their
associates, or group of persons acting together, may purchase more than 12,500
shares, except for the Employee Plans which may purchase up to 8% of the shares
sold. The OTS regulations governing the conversion provide that officers and
directors and their associates may not purchase, in the aggregate, more than 35%
of the shares issued pursuant to the conversion. Pursuant to the Plan, the board
of directors has the authority to determine whether persons are associates or
acting in concert.
Depending on market conditions and the results of the offering, the
board of directors may increase or decrease any of the purchase limitations
without the approval of our members and without resoliciting subscribers. If the
maximum purchase limitation is increased, persons who ordered the maximum amount
23
<PAGE>
will be given the first opportunity to increase their orders. In doing so the
preference categories in the offerings will be followed.
In the event of an increase in the total number of shares offered in
the conversion due to an increase in the EVR of up to 15% (the "Adjusted
Maximum"), the additional shares will be allocated in the following order of
priority: (i) to fill the Employee Plans' subscription of up to 8% of the
Adjusted Maximum number of shares (the ESOP currently intends to subscribe for
8%); (ii) in the event that there is an oversubscription by Eligible Account
Holders, to fill unfulfilled subscriptions of Eligible Account Holders; (iii) in
the event that there is an oversubscription by Supplemental Eligible Account
Holders, to fill unfulfilled subscriptions to Supplemental Eligible Account
Holders; (iv) in the event that there is an oversubscription by Other Members,
to fill unfulfilled subscriptions of Other Members; and (v) to fill unfulfilled
subscriptions in the Community Offering or Public Offering to the extent
possible.
The term "associate" of a person means (i) any corporation or
organization (other than us or a majority-owned subsidiary of ours) of which
such person is an officer or partner or is, directly or indirectly, the
beneficial owner of 10% or more of any class of equity securities, (ii) any
trust or other estate in which such person has a substantial beneficial interest
or as to which such person serves as director or in a similar fiduciary capacity
(excluding tax-qualified employee stock benefit plans), and (iii) any relative
or spouse of such person or any relative of such spouse, who has the same home
as such person or who is a director or officer of us, or any of our
subsidiaries. For example, a corporation of which a person serves as an officer
would be an associate of that person, and therefore all shares purchased by that
corporation would be included with the number of shares which that person
individually could purchase under the above limitations.
The term "officer" may include our chairman of the board, president,
vice presidents in charge of principal business functions, Secretary and
Treasurer and any other person performing similar functions. All references
herein to an officer have the same meaning as used for an officer in the Plan.
To order shares in the conversion, persons must certify that their
purchase does not conflict with the purchase limitations. In the event that the
purchase limitations are violated by any person (including any associate or
group of persons affiliated or otherwise acting in concert with such persons),
we will have the right to purchase from that person at $10.00 per share all
shares acquired by that person in excess of the purchase limitations. If the
excess shares have been sold by that person, we may recover the profit from the
sale of the shares by that person. We may assign our right either to purchase
the excess shares or to recover the profits from their sale.
Shares of common stock purchased pursuant to the conversion will be
freely transferable, except for shares purchased by our directors and officers.
For certain restrictions on the shares purchased by directors and officers, see
" -- Restrictions on Sales and Purchases of Shares by Directors and Officers."
In addition, under guidelines of the NASD, members of the NASD and their
associates are subject to certain restrictions on the transfer of securities
purchased in accordance with subscription rights and to certain reporting
requirements upon purchase of such securities.
Restrictions on Repurchase of Shares
Generally, during the first year following the conversion, SFSB may not
repurchase its shares and during each of the second and third years following
the conversion, SFSB may repurchase five percent of the outstanding shares
provided they are purchased in open-market transactions. Repurchases must not
cause us to become undercapitalized and at least 10 days prior notice of the
repurchase must be provided to the OTS. The OTS may disapprove a repurchase
program upon a determination that (1) the repurchase
24
<PAGE>
program would adversely affect our financial condition, (2) the information
submitted is insufficient upon which to base a conclusion as to whether the
financial condition would be adversely affected, or (3) a valid business purpose
was not demonstrated. However, the OTS may grant special permission to
repurchase shares after six months following the conversion and to repurchase
more than five percent during each of the second and third years. In addition,
SEC rules also govern the method, time, price, and number of shares of common
stock that may be repurchased by SFSB and affiliated purchasers. If, in the
future, the rules and regulations regarding the repurchase of stock are
liberalized, SFSB may utilize the rules and regulations then in effect.
Restrictions on Sales and Purchases of Shares by Directors and Officers
Shares purchased by directors and officers of SFSB may not be sold for
one year following the conversion, except in the event of the death of the
director or officer. Any shares issued to directors and officers as a stock
dividend, stock split, or otherwise with respect to restricted stock shall be
subject to the same restrictions.
For three years following the conversion, directors and officers may
purchase shares only through a registered broker or dealer. Exceptions are
available only if the OTS has approved the purchase or the purchase is an arm's
length transaction and involves more than one percent of the outstanding shares.
Interpretation and Amendment of the Plan
We have the authority to interpret and amend the Plan. Our
interpretations are final. Amendments to the Plan after the receipt of member
approval will not need further member approval unless required by the OTS.
Conditions and Termination
Completion of the conversion requires (i) the approval of the Plan by
the affirmative vote of not less than a majority of the total number of votes
eligible to be cast by our members; and (ii) completion of the sale of shares
within 24 months following approval of the Plan by our members. If these
conditions are not satisfied, the Plan will be terminated and we will continue
our business in the mutual form of organization. We may terminate the Plan at
any time prior to the meeting of members to vote on the Plan or at any time
thereafter with the approval of the OTS.
Other
All statements made in this document are hereby qualified by the
contents of the Plan of conversion, the material terms of which are set forth
herein. The Plan of Conversion is attached to the proxy statement mailed to
certain depositors and borrowers. Copies of the Plan are available from us and
should be consulted for further information. Adoption of the Plan by our members
authorizes us to interpret, amend or terminate the Plan.
25
<PAGE>
STANTON FEDERAL SAVINGS BANK
STATEMENT OF INCOME
The statement of income for the years ended December 31, 1996 and 1995
have been audit by LaFrance, Walker, Jackley & Seville, whose report appears
elsewhere in this Prospectus. The statement of income for the nine months ended
September 30, 1997 and 1996 are unaudited and have been prepared in accordance
with the requirments for a presentation of interim financial statements and are
in accordance with generally accepted accounting principles. In the opinion of
management, all adjustments, consisting of normal recurring adjustments, that
are necessary for a fair presentation of the interim periods have been
reflected.
<TABLE>
<CAPTION>
Nine Months Ended Years ended
September 30, December 31,
------------------------------------ -------------------------------------
1997 1996 1996 1995
----------------- ---------- ----------------- -----------------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
INTEREST AND DIVIDEND INCOME
Loans receivable................................. $ 678,482 $ 598,336 $ 834,482 $ 776,386
Interest-bearing deposits with other banks....... 271,582 218,877 294,199 346,932
Investment securities
Taxable........................................ 265,666 181,849 250,711 239,544
Exempt from federal income tax................. 40,626 36,698 49,209 47,728
Mortgage-backed securities....................... 398,505 370,582 537,353 530,470
---------- ---------- ---------- ----------
Total interest and dividend income............. 1,654,861 1,406,342 1,965,954 1,941,060
--------- --------- --------- ---------
INTEREST EXPENSE
Deposits......................................... 1,059,221 830,195 1,136,528 1,066,938
--------- ---------- --------- ---------
Total interest expense......................... 1,059,221 830,195 1,136,528 1,066,938
--------- ---------- --------- ---------
NET INTEREST INCOME................................ 595,640 576,147 829,426 874,122
Provision for Loan Losses...................... 39,000 9,000 36,500 21,000
---------- ---------- ---------- ----------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES........................ 556,640 567,147 792,926 853,122
---------- ---------- ---------- ----------
NONINTEREST INCOME
Service charges.................................. 41,973 8,708 16,393 11,867
Net securities gains (losses).................... - 124,468 124,468 -
Other income..................................... 11,394 8,941 12,729 4,900
---------- ---------- ---------- ----------
Total noninterest income....................... 53,367 142,117 153,590 16,767
---------- ---------- ---------- ----------
NONINTEREST EXPENSE
Compensation and employee benefits............... 441,565 294,132 447,279 328,764
Occupancy and equipment ......................... 166,920 64,853 128,242 66,544
Federal insurance premium........................ 28,289 208,702 211,724 66,882
Data processing.................................. 96,882 44,372 67,933 56,426
Stationary and printing.......................... 18,469 16,342 25,793 8,591
Other operating expenses......................... 187,860 109,884 152,232 100,443
---------- ---------- ---------- ----------
Total noninterest expense...................... 939,985 738,285 1,033,203 627,650
---------- ---------- --------- ----------
Income before income taxes....................... (329,978) (29,021) (86,687) 242,239
Income tax expense (benefit)..................... (146,693) (39,345) (40,416) 79,164
---------- ----------- ---------- -----------
NET INCOME (LOSS).................................. $ (183,285) $ 10,324 $ (46,271) $ 163,075
========== =========== =========== ==========
</TABLE>
See accompanying notes beginning on page F-^ 7.
26
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Management's discussion and analysis of financial condition and results
of operations is intended to assist you in understanding our financial condition
and results of operations. The information in this section should also be read
with our Financial Statements and Notes to the Financial Statements elsewhere in
this document.
General
SFSB has recently been formed and, accordingly, has no results of
operations. The following discussion relates only to our financial condition and
results of operations. Please refer to our Pro Forma Data discussion beginning
on page 7 to see the potential effects of the offering on our financial
statements.
Our results of operations depend primarily on net interest income,
which is determined by (i) the difference between rates of interest we earn on
our interest-earning assets and the rates we pay on interest-bearing liabilities
(our interest rate spread), and (ii) the relative amounts of interest-earning
assets and interest-bearing liabilities, consisting of deposits. Our results of
operations are also affected by non-interest income, including, primarily,
income from customer deposit account service charges, gains and losses from the
sale of investments and mortgage-backed securities and non-interest expense,
including, primarily, compensation and employee benefits, federal deposit
insurance premiums, office occupancy costs, and data processing costs. Our
results of operations also are affected significantly by general, and economic
and competitive conditions, particularly changes in market interest rates,
government policies and actions of regulatory authorities, all of which are
beyond our control.
Recent Business Strategy
Prior to September 1996, we conducted business from one office, our
Lawrenceville office located within the City of Pittsburgh. The Lawrenceville
office has limited space and physical facilities, and the community's economy is
stagnant. Accordingly, we built a new office on Saxonburg Boulevard in Shaler
Township, a growing suburb of Pittsburgh, which opened as our main office in
September 1996. The new office provides expanded teller areas, drive in
facilities and offices for growth and expansion of existing and new services.
During our first year, our new office opened approximately $9 million in
deposits, which significantly exceeded our expectations and business plan.
The ^ costs associated with opening the office ^ contributed to our net
^ loss for the year ended December 31, 1996 and nine months ended September 30,
1997. Occupancy and equipment expense have more than doubled and will continue
to adversely affect net income, which might result in net losses for future
periods, unless and until, we are able to expand our lending and investment
activities. We face extensive competition in our new market area for loan
originations beyond the competition for insured savings deposits. In addition to
commercial banks, thrifts institutions and other financial institutions, we
compete for loan originations with mortgage banking companies, insurance
companies and investment banking companies. ^ Because of this competition for
loans, and combined with the fact that it is typical with opening a new banking
office, the amount of loan originations from the new office is significantly
below the amount of new deposits. ^ Our loans to deposit ratio was 34.7% at
September 30, 1997.
To the extent new deposits have exceeded our loan originations at the
new office, we have invested these deposits primarily in short-term securities
so that they are readily available to fund new loans in our market area. As
discussed herein, this has improved our interest rate risk, but has adversely
affected our net interest income. One of the business reasons for the stock
conversion is to raise capital to expand
27
<PAGE>
our business commensurate with our new physical facilities. Since the new
deposits and stock proceeds are expected to exceed our ability to originate
loans in our market area, we may purchase loans, mortgage-backed securities and
other investments with higher yields that will improve our interest income and
net income.
^ Market Risk Analysis
Asset/Liability Management. Our assets and liabilities are interest
rate sensitive. An asset or liability is interest rate sensitive within a
specific time period if it will mature or reprice within that time period. If
our assets mature or reprice more quickly or to a greater extent than our
liabilities, our net portfolio value and net interest income would tend to
increase during periods of rising interest rates but decrease during periods of
falling interest rates. Conversely, if our assets mature or reprice more slowly
or to a lesser extent than our liabilities, our net portfolio value and net
interest income would tend to decrease during periods of rising interest rates
but increase during periods of falling interest rates. Our policy has been to
address the interest rate risk inherent in the historical savings institution
business of originating long-term loans funded by short-term deposits by
maintaining sufficient liquid assets for material and prolonged changes in
interest rates. We do not engage in, or intend to engage in, trading activities
or use derivative instruments to control our interest rate risk.
We emphasize origination of fixed rate real estate loans in the nature
of one- to- four family and home equity loans. These loans approximated 89% of
our loan portfolio at September 30, 1997. Currently liquid assets are at an
unusually high level due to the influx of new deposits at the new home office
opened in September 1996, which have not yet been invested in loans or
longer-term securities. Although maintaining liquid assets reduces interest rate
risk, it also tends to reduce potential net income because liquid assets usually
provide a lower yield than less liquid assets. At September 30, 1997, the
average weighted term to maturity of our mortgage loan portfolio was slightly
more than 20 years and the average weighted term of our deposits was slightly
less than 11 months. See "Risk Factors-Insufficient Loan Demand" and "Business
of Stanton Federal Savings Bank -- Lending Activities."
Net Portfolio Value.^ In recent years, we have measured our interest
rate sensitivity by computing the "gap" between the assets and liabilities which
were expected to mature or reprice within certain time periods, based on
assumptions regarding loan prepayment and deposit decay rates formerly provided
by the OTS. However, we now compute amounts by which the net present value of
expected cash flows from assets, liabilities and off balance sheet items (our
net portfolio value or "NPV") would change in the event of a range of assumed
changes in market interest rates. These computations estimate the effect on our
NPV from instantaneous and permanent 1% to 4% (100 to 400 basis points)
increases and decreases in market interest rates. Based upon OTS assumptions,
the following table presents our NPV at September 30, 1997.
28
<PAGE>
Percentage Change in Net Portfolio Value
----------------------------------------
Changes Change in NPV
in Market NPV Ratio(1) Ratio(2)
--------- ------------ --------
Interest Rates
(basis points)
+ 400 7.29% - 473 bp
+ 300 8.46 - 346 bp
+ 200 9.72 - 220 bp
+ 100 10.91 - 101 bp
0 11.92
- 100 12.62 + 70 bp
- 200 13.31 +139 bp
- 300 14.24 +222 bp
- 400 15.21 +329 bp
- ------------------
(1) Calculated as the estimated NPV divided by present value of total assets.
(2) Calculated as the excess (deficiency) of the NPV ratio assuming the
indicated change in interest rates over the estimated NPV ratio assuming no
change in interest rates.
Management believes these calculations indicate that we would be deemed
to have an average or normal level of interest rate risk under applicable
regulatory capital requirements. See "Regulation -- Savings Institution
Regulation -- Regulatory Capital Requirements."
While we cannot predict future interest rates or their effects on our
NPV or net interest income, we do not expect current interest rates, assuming
rates remain stable, to have a material adverse effect on our NPV or net
interest income. Computations of prospective effects of hypothetical interest
rate changes are based on numerous assumptions, including relative levels of
market interest rates, prepayments and deposit run-offs and should not be relied
upon as indicative of actual results. Certain shortcomings are inherent in such
computations. Although certain assets and liabilities may have similar maturity
or periods of repricing they may react at different times and in different
degrees to changes in the market interest rates. The interest rates on certain
types of assets and liabilities may fluctuate in advance of changes in market
interest rates, while rates on other types of assets and liabilities may lag
behind changes in market interest rates. In the event of a change in interest
rates, prepayments and early withdrawal levels could deviate significantly from
those assumed in making calculations set forth above. Additionally, an increased
credit risk may result as the ability of many borrowers to service their debt
may decrease in the event of an interest rate increase.
The board of directors reviews our asset and liability policies. The
board of directors meets quarterly to review interest rate risk and trends, as
well as liquidity and capital ratios and requirements. Management administers
the policies and determinations of the board of directors with respect to our
asset and liability goals and strategies. We expect that our asset and liability
policies and strategies will continue as described so long as competitive and
regulatory conditions in the financial institution industry and market interest
rates continue as they have in recent years.
29
<PAGE>
Financial Condition
Our total assets increased $4.5 million, or 13.5%, to $37.8 million at
September 30, 1997 from $33.3 million at December 31, 1996. Our increase was
primarily attributable to a $1.1 million increase in our interest-bearing
deposits with other banks, a $1.8 million in our investment securities and
mortgage-backed securities held to maturity, and a $793,000 increase in our net
loan portfolio. Our increase in investment and mortgage-backed securities
outpaced our loan originations in our lending area. The increase in our deposits
funded our increase in assets at September 30, 1997. Our total liabilities
increased $4.6 million, or 15.5%, to $34.3 million at September 30, 1997 from
$29.7 million at December 31, 1996. Our increase was primarily attributable to a
$4.6 million increase in our deposits. Our deposits increased as a result of new
deposits being attracted to our new Shaler Township office, which opened in
September 1996. We believe that the aggregate dollar amount of deposits will
remain stable.
Results of Operations
Our net income decreased $193,000 for the nine months ended September
30, 1997, to a net loss of $183,000 from net income of $10,000 for the nine
months ended September 30, 1996. Our decrease was primarily attributable to a
$30,000 increase in our provision for loan losses, an $89,000 decrease in our
noninterest income, a $198,000 increase in our noninterest expense offset by a
$19,000 increase in our net interest income and a $107,000 decrease in our
income taxes due to our net loss on operations.
Our net income decreased $209,000 for the year ended December 31, 1996,
to a net loss of $46,000 from net income of $163,000 for the year ended December
31, 1995. Our decrease was primarily attributable to a $46,000 decrease in net
interest income, a $16,000 increase in our provision for loan losses, a $406,000
increase in our noninterest expense offset by a $137,000 increase in our
noninterest income and a $119,000 decrease in our income taxes due to our net
loss on operations.
Net Interest Income. Net interest income is the most significant
component of our income from operations. Net interest income is the difference
between interest we receive on our interest-earning assets primarily loans,
investment and mortgage-backed securities and interest we pay on our
interest-bearing liabilities, primarily deposits. Net interest income depends on
the volume of and rates earned on interest-earning assets and the volume of and
rates paid on interest-bearing liabilities.
30
<PAGE>
The following tables set forth a summary of average balances of assets
and liabilities as well as average yield and cost information. Average balances
are derived from month-end balances, however, we do not believe the use of
month-end balances has caused any material differences in the information
presented. Tax equivalent adjustments have been made to yields on securities
that are exempt from federal income tax, assuming a tax rate of 34%.
<TABLE>
<CAPTION>
Nine Months Ended September 30,(4) At September 30,
--------------------------------------------------------------- --------------------
1997 1996 1997
-------------------------------- ----------------------------- --------------------
Average Average Average Average Average
Balance Interest Yield/Cost Balance Interest Yield/Cost Balance Yield/Cost
------- -------- ---------- ------- -------- ---------- ------- ----------
Interest-earning assets: (Dollars in thousands)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Loans receivable (1)........................ $11,220 $ 678 8.06% $ 9,564 $ 598 8.32% $11,768 8.18%
Mortgage-backed securities.................. 8,146 399 6.53 8,119 371 6.09 8,526 6.47
Investment securities....................... 7,129 306 6.11 5,116 219 6.20 6,468 5.96
Other interest-earning assets............... 6,611 272 5.43 5,300 219 5.51 7,736 5.68
------ ----- ------ ----- ------
Total interest-earning assets................. 33,106 1,655 6.75 28,099 1,407 6.76 34,498 6.78
----- -----
Non-interest-earning assets................... 2,866 1,700 3,312
------ ------ ------
Total assets.................................. $35,972 $29,799 $37,810
====== ====== ======
Interest-bearing liabilities:
Interest-bearing demand deposits............ $ 2,786 48 2.30% $ 2,383 44 2.46% $ 2,893 2.33%
Certificates of deposit..................... 19,268 811 5.61 14,548 595 5.44 20,399 5.67
Savings deposits............................ 8,940 200 2.98 8,594 192 2.98 9,284 3.00
------ ----- ------ ----- -------
Total interest-bearing liabilities............ 30,994 1,059 4.56 25,525 831 4.34 32,576 4.61
------ ----- ------ ----- ------
Non-interest-bearing liabilities............ 1,488 627 1,754
------ ------ ------
Total liabilities......................... $32,482 26,152 34,330
------ ------ ------
Retained earnings............................. 3,490 3,647 3,480
------ ------ ------
Total liabilities and retained earnings....... $35,972 $29,799 $37,810
====== ====== ======
Net interest income........................... $ 596 $ 576
===== =====
Interest rate spread (2)...................... 2.19% 2.42% 2.17%
Net yield on interest-earning assets (3)...... 2.40% 2.73% 2.40%
Ratio of average interest-earning assets to
average interest-bearing liabilities........ 106.81% 110.08% 105.90%
</TABLE>
- ---------------------------------
(1) Average balances include non-accrual loans.
(2) Interest rate spread represents the difference between the average yield on
interest-earning assets and the average cost of interest-bearing
liabilities.
(3) Net yield on interest-earning assets represents net interest income as a
percentage of average interest-earning assets.
(4) Annualized (where appropriate) for purposes of comparability with fiscal
year data.
31
<PAGE>
<TABLE>
<CAPTION>
Year ended December 31,
---------------------------------------------------------------------
1996 1995
--------------------------------- --------------------------------
Average Average Average Average
Balance Interest Yield/Cost Balance Interest Yield/Cost
------- -------- ---------- ------- -------- ----------
(Dollars in thousands)
<S> <C> <C> <C> <C> <C> <C>
Interest-earning assets:
Loans receivable (1).............................. $ 9,845 $ 834 8.47% $ 9,130 $ 776 8.50%
Mortgage-backed securities........................ 7,992 537 6.72 8,048 530 6.59
Investment securities............................. 5,151 301 6.33 4,692 288 6.67
Other interest-earning assets..................... 5,564 294 5.28 6,180 347 5.61
------ ----- ------ -----
Total interest-earning assets....................... 28,552 1,966 6.97 28,050 1,941 7.01
----- -----
Non-interest-earning assets......................... 1,939 981
------ ------
Total assets........................................ $30,491 $29,031
====== ======
Interest-bearing liabilities:
Interest-bearing demand deposits.................. $ 2,402 59 2.46% $ 2,566 64 2.49
Certificates of deposit........................... 15,062 820 5.44 13,499 730 5.41
Savings deposits.................................. 8,645 258 2.98 9,053 273 3.02
------ ----- -------- -----
Total interest-bearing liabilities.................. 26,109 1,137 4.35 25,118 1,067 4.25
------ ----- ------ -----
Non-interest-bearing liabilities.................. 746 457
------ ------
Total liabilities............................... 26,855 25,575
------ ------
Retained earnings................................... 3,636 3,456
------ ------
Total liabilities and retained earnings............. $30,491 $29,031
====== ======
Net interest income............................... $ 829 $ 874
===== =====
Interest rate spread (2).......................... 2.62% 2.76%
Net yield on interest-earning assets (3)............ 2.90% 3.12%
Ratio of average interest-earning assets to
average interest-bearing liabilities................ 109.36% 111.67%
</TABLE>
- ---------------------------------
(1) Average balances include non-accrual loans.
(2) Interest rate spread represents the difference between the average yield on
interest-earning assets and the average cost of interest-bearing
liabilities.
(3) Net yield on interest-earning assets represents net interest income as a
percentage of average interest-earning assets.
32
<PAGE>
The table below sets forth information regarding changes in our
interest income and interest expense for the periods indicated. For each
category of our interest-earning assets and interest-bearing liabilities,
information is provided on changes attributable to (i) changes in volume
(changes in volume multiplied by old rate), and (ii) changes in rate (changes in
rate multiplied by old volume). Increases and decreases due to both rate and
volume, which cannot be segregated, have been allocated proportionately to the
change due to volume and the change due to rate.
<TABLE>
<CAPTION>
Nine Months Ended September 30, Year Ended December 31,
------------------------------- --------------------------
1997 vs. 1996 1996 vs. 1995
------------------------------- --------------------------
Increase (Decrease) Increase (Decrease)
Due to Due to
------------------------------- --------------------------
Volume Rate Net Volume Rate Net
------ ---- --- ------ ---- ---
(In thousands)
<S> <C> <C> <C> <C> <C> <C>
Interest income:
Loans receivable ............. $103 $(22) $ 81 $ 61 $ (3) $ 58
Mortgage-backed securities ... 1 27 28 (4) 11 7
Investment securities ........ 86 1 87 30 (17) 13
Other interest-earning assets 54 (1) 53 (35) (18) (53)
---- ---- ---- ---- ---- ----
Total interest-earning assets 244 5 249 52 (27) 25
---- ---- ---- ---- ---- ----
Interest expense:
Interest-bearing
demand deposits ........... $ 7 $ (3) $ 4 $ (4) $ (1) $ (5)
Certificates of deposit ..... 193 24 217 85 5 90
Savings deposits ............ 8 -- 8 (12) (3) (15)
---- ---- ---- ---- ---- ----
Total interest-bearing ..... 208 21 229 69 1 70
---- ---- ---- ---- ---- ----
liabilities
Change in net interest income . $ 36 $(16) $ 20 $(17) $(28) $(45)
==== ==== ==== ==== ==== ====
</TABLE>
33
<PAGE>
Our net interest income increased $19,000, or 3.3%, to $595,000 ^ for
the nine months ended September 30, 1997, as compared to the same period in
1996. The increase was primarily due to the growth in our average
interest-earning assets to $33.1 million in 1997 from $28.1 million in 1996,
partially offset by a decline in our interest rate spread of 2.19% in 1997
compared to 2.42% in 1996. The decline in our interest rate spread had a
corresponding impact on our net yield on interest-earning assets which declined
33 basis points to 2.40% in 1997.
The increase in our average interest-earning assets of $5.0 million
reflects increases of $1.7 million in our balance of average loans, $2.0 million
in the average investment securities and $1.3 million in average other
interest-earning assets, which was funded by our increase in average
interest-bearing deposits. The increase in our average interest-bearing deposits
reflects the opening of our Shaler Township office in September 1996.
Our interest rate spread and net yield on interest-earning assets
declined at September 30, 1997 compared to the same period in 1996 primarily due
to an increase in our average cost of funds to 4.56% in 1997 compared to 4.34%
in 1996. The increase in our average cost of funds was affected by a $4.7
million increase in our balance of average certificates of deposits, primarily
from the new deposits obtained from the opening of our Shaler Township office
and the movement from our lower paying passbook accounts to our higher yielding
certificate accounts.
Our net interest income decreased $45,000, or 5.1%, to $829,000 for
1996 from $874,000 for the same period in 1995. The decrease was primarily due
to the increase in our average interest-bearing liabilities to $26.1 million in
1996 from $25.1 million in 1995 coupled with a decline in our interest rate
spread to 2.62% in 1996 from 2.76% in 1995. The decline in interest rate spread
had a corresponding impact on our net yield on interest-earning assets which
declined 22 basis points to 2.90% in 1996.
The increase in our average interest-bearing liabilities of $1.0
million reflects an increase of $1.6 million in our average certificates of
deposit offset by a $164,000 decrease in our interest-bearing demand deposits
and a $408,000 decrease in our savings deposit accounts. The increase in our
average deposits reflects the opening of our Shaler Township office in September
1996 and the movement of our lower paying passbook accounts to our higher
yielding certificate accounts.
Provision for Loan Losses. Our provision for loan losses increased
$30,000 to $39,000 for the nine months ended September 30, 1997 compared with
$9,000 for the same period in 1996. Our provision for loan losses increased
$16,000 to $37,000 in 1996 from $21,000 in 1995. The increase in the amount of
our provision for loan losses in 1996 was based upon our non-performing assets
portfolio increasing $77,000 coupled with our one-to four -family and home
equity mortgage portfolios increasing $1.5 million. ^ Our provision for loan
losses increased for the nine months ended September 30, 1997 ^, due to
management's evaluation of the current local economic conditions, our recent
increase in loan originations and our review of industry standards.
Historically, we have emphasized our loss experience over other factors
in establishing the provision for loan losses. We review the allowance for loan
losses in relation to (i) our past loan loss experience, (ii) known and inherent
risks in our portfolio, (iii) adverse situations that may affect the borrower's
ability to repay, (iv) the estimated value of any underlying collateral, and (v)
current economic conditions. Because of the increased coverage of the allowances
for loan losses to total loans, management believes the allowance for loan
losses is at a level that is considered to be adequate to provide for estimated
losses; however, there can be no assurance that further additions will not be
made to the allowance and that such losses will not exceed the estimated amount.
34
<PAGE>
Noninterest Income. Our noninterest income decreased $89,000 for the
nine months ended September 30, 1997, compared to the same period in 1996 and
increased $137,000 in 1996 compared to 1995. For the nine months ended September
30, 1997, we had no sales from our available for sale portfolio. In 1996, we
recognized $124,000 of gains from the sales of FHLMC common stock. However,
since the opening of our Shaler Township office in September 1996, our service
fees increased due to a higher fee structure and a larger deposit base. Our
other income increased in 1997 due to our safe deposit rental income of $3,000.
Our Shaler Township office offers safe deposit rental to our depositors. In
order to promote this service, we offered free rental to our depositors for the
remainder of 1996. Our Lawrenceville office does not offer this service. In
fiscal 1996, our other income increased $7,800 from fiscal 1995. Of this
increase, our rental income increased $2,900, since we recognized a full year's
rental on our property at 920 Saxonburg Boulevard. Due to the increase in our
mortgage loans, our appraisal fee and credit report income increased $1,200. Due
to our larger depositor base, our miscellaneous income increased $1,400.
Noninterest Expense. Our noninterest expense increased by $202,000, to
$940,000 for the nine months ended September 30, 1997, compared to $738,000 for
the same period in 1996. The increase was the result of our operating a larger
organization including the opening of our Shaler Township office in September
1996. Of the increase, $147,000 was in compensation and employee benefits,
$102,000 in expenses associated with the Shaler Township office, $53,000 in data
processing and $78,000 in other operating expenses. For the nine months ended
September 30, 1997, we also began a directors consultation and retirement plan
and recognized $56,000 of expense to implement this plan, which is included in
other operating expenses. Our increase in noninterest expenses was partially
offset by a $180,000 decrease in federal insurance premiums. The decrease in
federal insurance premiums was the result of the recapitalization of the Savings
Association Insurance Fund ("SAIF"). The SAIF insurance assessment rate paid by
us before the recapitalization was 23(cent) per $100 of deposits and decreased
to 6.5(cent) per $100 of deposits after the recapitalization of SAIF.
Our noninterest expense increased by $406,000, to $1,033,000 in 1996
compared to $627,000 in 1995. Of the increase, $160,000 relates to our special
assessment required to recapitalize the SAIF. On September 30, 1996, the
President signed into law legislation which included the recapitalization of
SAIF by a one time charge to SAIF-insured institutions of 65.7 basis points per
$100 of insurable deposits as of March 31, 1995. Future deposit expense are
expected to be lower as a result of this one-time charge. The legislation also
provides that we will pay, in addition to the normal deposit insurance premium
as a member of the SAIF, an annual amount equal to approximately 6.4 basis
points of outstanding SAIF deposits toward the retirement of the Financing
Corporation Bonds ("Fico Bonds") issued in the 1980's to assist in the recovery
of the savings and loan industry. Members of the Bank Insurance Fund ("BIF"), by
contrast, will pay, in addition to their normal deposit insurance premium,
approximately 1.3 basis points toward the retirement of the Fico Bonds.
Beginning no later than January 1, 2000, the rate paid to retire the Fico Bonds
will be equal for members of the BIF and the SAIF. The Act also provides for the
merging of the BIF and the SAIF by January 1, 1999 provided there are no
financial institutions still chartered as savings associations at that time.
Should the insurance funds be merged before January 1, 2000, the rate paid by
all members of this new fund to retire the Fico Bonds would be equal.
In fiscal 1996, due to the hiring and training of five full time
equivalent personnel in connection with the opening of our Shaler Township
office in September 1996, our noninterest expenses increased significantly from
fiscal 1995. Because of these changes, our compensation and employee benefits
expenses increased $119,000. Our occupancy and equipment expenses increased
$62,000 due to our additional operating expenses incurred in operating an
additional office. Our data processing costs increased $11,000
35
<PAGE>
due to our new office and the number of new accounts we opened, particularly our
demand deposits accounts. Our other operating expenses increased $52,000 due to
miscellaneous items pertaining to our new office start up.
As a result of the conversion and in addition to the effects of opening
a new office, our noninterest expense might also increase because of the costs
associated with our employee stock ownership plan, restricted stock ownership
plan, if implemented, and the costs of becoming a public company.
A great deal of information has been disseminated about the global
computer year 2000. Many computer programs that can only distinguish the final
two digits of the year entered (a common programming practice in earlier years)
are expected to read entries for the year 2000 as the year 1900 and compute
payment, interest or delinquency based on the wrong date or are expected to be
unable to compute payment, interest or delinquency. Rapid and accurate data
processing is essential to our operation. Data processing is also essential to
most other financial institutions and many other companies. All of our material
data processing that could be affected by this problem is provided by a third
party service bureau. Our service bureau has advised us that it expects to
resolve this potential problem before the year 2000. However, if our service
bureau is unable to resolve this potential problem in time, we would likely
experience significant data processing delays, mistakes or failures. These
delays, mistakes or failures could have a significant adverse impact on our
financial condition and our results of operation.
Income Tax Expense (Benefit). Our income tax benefit increased
$107,000, to $146,000 for the nine months ended September 30, 1997 from $39,000
for the same period in 1996. The increase resulted from our larger net loss on
operations. Our income taxes decreased $120,000 to a net tax benefit of $40,000
in 1996 from an income tax expense of $79,000 in 1995, due to a net loss on
operations in 1996.
Liquidity and Capital Resources
We are required to maintain minimum levels of liquid assets as defined
by OTS regulations. This requirement, which varies from time to time depending
upon economic conditions and deposit flows, is based upon a percentage of our
deposits and short-term borrowings. The required minimum ratio currently is 5.0%
and our regulatory liquidity ratio was 24.88%, 14.83%, and 30.07% at September
30, 1997 and December 31, 1996, and December 31, 1995.
Our primary sources of funds are deposits, repayment of loans and
mortgage-backed securities, maturities of investments, interest-bearing deposits
with other banks and funds provided from operations. While scheduled repayments
of loans and mortgage-backed securities and maturities of investment securities
are predicable sources of funds, deposit flows, and loan prepayments are greatly
influenced by the general level of interest rates, economic conditions and
competition. We use our liquid resources principally to fund loan commitments,
maturing certificates of deposit and demand deposit withdrawals, to invest in
other interest-earning assets, and to meet operating expenses.
Net cash used for our operating activities (the cash effects of
transactions that enter into our determination of net income -- e.g., non-cash
items, amortization and depreciation, provision for loan losses) at September
30, 1997 was $140,000 compared to net cash provided by our operating activities
of $225,000 at September 30, 1996. Net cash used for our operating activities
for fiscal 1997 was $32,000 compared to net cash provided by our operations of
$180,000 for fiscal 1996.
36
<PAGE>
Net cash used for our investing activities (i.e., cash disbursed,
primarily for investment securities and mortgage-backed securities portfolios
and our loan portfolio) totaled $2.8 million for the nine months ended September
30, 1997, an increase of $1.7 million from September 30, 1996. The increase was
primarily attributable to our use of $564,000 in cash to fund the increase in
loan originations and the use of $2.0 million in cash to fund the net increase
in investment and mortgage-backed securities. Net cash used for our investing
activities for the year ended December 31, 1996 totalled $3.1 million, an
increase of $3.3 million from December 31, 1995. The increase was primarily
attributable to our use of $2.2 million in cash to fund the purchase of
certificates of deposits, $546,000 in cash to fund the increase in loan
originations and $448,000 to construct and equip the Shaler Township office.
Net cash provided by our financing activities (i.e., cash receipts from
our net increases in deposits) totaled $4.5 million and $3.9 million, for the
nine months ended September 30, 1997 and the year ended December 31, 1996,
respectively.
BUSINESS OF SFSB HOLDING COMPANY
SFSB is not an operating company and has not engaged in any significant
business to date. It was formed in October 1997 as a Pennsylvania-chartered
corporation to be the holding company for Stanton Federal Savings Bank. The
holding company structure and retention of proceeds will facilitate: (i)
diversification into non-banking activities, (ii) acquisitions of other
financial institutions, such as savings institutions, (iii) expansion within
existing and into new market areas and (iv) stock repurchases without adverse
tax consequences. There are no present plans regarding diversification,
acquisitions, expansion, or repurchases.
Since SFSB will own only one savings bank, it generally will not be
restricted in the types of business activities in which it may engage, provided
that we retain a specified amount of our assets in housing-related investments.
SFSB initially will not conduct any active business and does not intend to
employ any persons other than officers but will utilize our support staff from
time to time.
The office of the SFSB is located at 900 Saxonburg Boulevard,
Pittsburgh, Pennsylvania. The telephone number is (412) 487-4200.
BUSINESS OF STANTON FEDERAL SAVINGS BANK
The principal sources of funds for our activities are deposits and
payments on loans and investments. Our deposits totalled $33.9 million at
September 30, 1997. Funds are used primarily for the origination of fixed rate
loans secured by mortgages on one- to four-family residences which are located
in our market area and the purchase of investment securities. Such loans
totalled $10.5 million, or 89%, of our total loans receivable portfolio at
September 30, 1997. Our principal source of revenue is interest received on
loans and investments and our principal expense is interest paid on deposits.
Market Area
Our main office is located in Shaler Township, a suburb of Pittsburgh
and our branch office is located in the Lawrenceville section of Pittsburgh. The
communities of Shaler Township, Lawrenceville and surrounding areas of Allegheny
County are considered to be our primary market area. Most of our deposits and
lending activity is generated from individuals who live in these areas. We are a
community- oriented institution and have served the local Allegheny County
community since 1890. Until September 1996, we operated from our Lawrenceville
office where there was limited growth opportunities for loan
37
<PAGE>
originations and deposit needs. We moved to our new main office in Shaler
Township in September 1996. Since the opening of the Shaler Township office, we
have generated a significant amount of deposits.
The population in our primary market area has decreased by 15% over the
fifteen year period ending 1995 and is projected to decrease through the year
2000. In addition, over the last five years, total deposits at financial
institutions (i.e., banks and thrifts) in the communities of Shaler Township and
Lawrenceville have decreased 3% and 4.35%, respectively. However, compared to
other financial institutions in our Lawrenceville market area, at June 30, 1996
(the latest available data from the Federal Deposit Insurance Corporation), we
had a 6.54% market share. In addition, over the last four years, we had an 8.20%
increase in deposits. Since we did not open our Shaler Township office until
September 1996, we have no current available data comparing us to other
financial institutions in this market area. We believe that the economic
vitality of these communities depend on the economic vitality of the city of
Pittsburgh, which has been relatively stable in recent years.
The Greater Pittsburgh area has been in the process of restructuring
over the past decade. Once centered on heavy manufacturing, primarily steel, its
economic base is now more diverse, including technology, health and business
services. Several "Fortune 500" industrial firms are headquartered in the
Greater Pittsburgh area, including USX Corporation. The largest employers in
Pittsburgh, by the number of local employees, include the United States
Government, the Commonwealth of Pennsylvania, USAir, University of Pittsburgh
Medical Center, and the University of Pittsburgh. Seven colleges and
universities are located in the general Pittsburgh area.
Lending Activities
Most of our loans are mortgage loans which are secured by one- to
four-family residences. We also make home equity, multi-family, commercial real
estate and consumer loans. Loans originated by us historically have rates of
interest which are fixed for the term of the loan ("fixed rate"). In the future,
we anticipate that any home equity lines of credit and business loans will be
offered at adjustable rates of interest.
38
<PAGE>
The following table sets forth information concerning the types of
loans held by us.
<TABLE>
<CAPTION>
At September 30, At December 31,
--------------------------- ----------------------------------------------------------
1997 1996 1995
--------------------------- ---------------------------- ---------------------------
Amount Percent Amount Percent Amount Percent
(Dollars in thousands)
<S> <C> <C> <C> <C> <C> <C>
Type of Loans:
Real Estate Loans:
One- to four-family ..................... $ 7,554 64.19% $ 7,539 68.88% $6,623 68.63%
Home equity.............................. 2,929 24.89 2,017 18.43 1,460 15.13
Multi-family............................. 33 .28 69 .63 81 .84
Commercial............................... 789 6.70 921 8.41 1,087 11.27
Consumer Loans:
Share loans.............................. 348 2.96 329 3.01 364 3.77
Other.................................... 115 .98 70 .64 35 .36
------- ------ ------- ------- ------ ------
Total loans.......................... 11,768 100.00% 10,945 100.00% 9,650 100 .00%
------ ====== ------ ====== ------ =======
Less:
Deferred loan origination fees and costs. 5 14 31
Allowance for loan losses ............... 105 66 40
------- -------- ------
Total loans, net...................... $11,658 $10,865 $9,579
====== ====== =====
</TABLE>
The following table sets forth the estimated maturity of our loan
portfolio at September 30, 1997. All of our loans have fixed rates of interest.
The table does not include the effects of possible prepayments or scheduled
repayments. Prepayments and scheduled principal repayments of loans totaled $1.6
million at September 30, 1997. All mortgage loans are shown as maturing based on
the date of the last payment required by the loan agreement.
<TABLE>
<CAPTION>
One- to four-
Family
Real Estate Home Multi-
Mortgage Equity Family Commercial Consumer Total
-------- ------ ------ ---------- -------- -----
(In thousands)
<S> <C> <C> <C> <C> <C> <C>
Amounts due:
Within 1 year............ $ 147 $ 4 $ - $ 4 $352 $ 507
Over 1 to 3 years........ 10 201 33 - 40 284
Over 3 to 5 years........ 399 793 - 136 62 1,390
Over 5 to 10 years....... 932 1,228 - 38 9 2,207
Over 10 to 20 years...... 1,982 703 - 611 - 3,296
Over 20 years............ 4,084 - - - - 4,084
----- ------- --- ----- ---- ------
Total amount due......... $7,554 $2,929 $33 $789 $463 $11,768
===== ===== == === === ======
</TABLE>
One- to Four-Family Residential Loans. Our primary lending activity
consists of the origination of one- to four-family fixed rate residential
mortgage loans secured by property located in our primary market area. We
generally originate one- to four-family fixed rate residential mortgage loans in
amounts up to 97% of the lesser of the appraised value or purchase price, with
private mortgage insurance required on loans with a loan-to-value ratio in
excess of 80%. The maximum loan-to-value ratio on mortgage loans secured by
non-owner occupied properties generally is limited to 70%. We retain all of our
mortgage loans and originate these loans with maturities of up to 30 years.
39
<PAGE>
Mortgage loans originated and held by us generally include due-on-sale
clauses. This gives us the right to deem the loan immediately due and payable in
the event the borrower transfers ownership of the property securing the mortgage
loan without our consent.
Home Equity Loans, Second Mortgages and Other Loans. We originate home
equity loans and second mortgage loans which are secured by one to four-family
residences. We originate these loans on one- to four-family residences with
fixed rate terms of up to 15 years. The loans are generally subject to a 80%
combined loan-to-value limitation, including any other outstanding mortgages or
liens. We anticipate offering adjustable rate home equity lines of credit loans
and commercial business loans within the next year.
Commercial Real Estate Loans. Our commercial real estate loans are
secured by office buildings, retail establishments, and other commercial
properties. These loans generally have not exceeded $400,000 or had terms
greater than 20 years.
Commercial real estate lending entails significant additional risks
compared to residential property lending. These loans typically involve large
loan balances to single borrowers or groups of related borrowers. The repayment
of these loans typically is dependent on the successful operation of the real
estate project securing the loan. These risks can be significantly affected by
supply and demand conditions in the market for office and retail space and may
also be subject to adverse conditions in the economy.
Loan Approval Authority and Underwriting. We establish various lending
limits for our officers and maintain a loan committee consisting of the
President, the Secretary and two outside board members. Ms. Mallen, our
President, and Mr. Gallagher, our Senior Vice President have loan authority to
approve home equity loans up to $75,000 and unsecured consumer loans up to
$10,000. The loan committee ratifies all residential mortgage loans and all
other real estate and consumer loans.
Upon receipt of a completed loan application from a prospective
borrower, a credit report is ordered. Income and certain other information is
verified. If necessary, additional financial information may be requested. An
appraisal or other estimate of value of the real estate intended to be used as
security for the proposed loan is obtained. Appraisals are processed by
independent fee appraisers.
Title insurance is generally required on all real estate mortgage
loans. We do not require title insurance on home equity loans and second
mortgages, but we obtain a property report from Select Business Services, a
division of the Credit Bureau, which indicates whether there are any liens or
other encumbrances against the property. Borrowers also must obtain fire and
casualty insurance. Flood insurance is also required on loans secured by
property that is located in a flood zone.
Loan Commitments. Written commitments are given to prospective
borrowers on all approved real estate loans. Generally, the commitment requires
acceptance within 10 days of the date of issuance. At September 30, 1997,
commitments to cover originations of mortgage loans totalled $460,000. We
believe that virtually all of our commitments will be funded.
Loans to One Borrower. The maximum amount of loans which we may make to
any one borrower may not exceed the greater of $500,000 or 15% of our unimpaired
capital and unimpaired surplus. We may lend an additional 10% of our unimpaired
capital and unimpaired surplus if the loan is fully secured by readily
marketable collateral. Our maximum loan-to-one borrower limit has been $450,000.
At September 30, 1997, the aggregate loans outstanding of our five largest
borrowers have outstanding balances of between $145,000 and $381,000. These
loans are performing loans.
40
<PAGE>
Nonperforming and Problem Assets
Loan Delinquencies. When a mortgage loan becomes ^ 20 days past due, a
notice of nonpayment is sent to the borrower. If^ such payment is not received
by month end, an additional notice of nonpayment is sent to the borrower. After
60 days, if payment is still delinquent, a notice of right to cure default is
sent to the borrower giving 30 additional days to bring the loan current before
foreclosure is commenced. If the loan continues in a delinquent status for 90
days past due and no repayment plan is in effect, foreclosure proceedings will
be initiated. The customer will be notified when foreclosure is commenced.
Loans are reviewed on a monthly basis and are placed on a non-accrual
status when the loan becomes more than 90 days delinquent or when, in our
opinion, the collection of additional interest is doubtful. Interest accrued and
unpaid at the time a loan is placed on nonaccrual status is charged against
interest income. Subsequent interest payments, if any, are either applied to the
outstanding principal balance or recorded as interest income, depending on the
assessment of the ultimate collectibility of the loan.
Nonperforming Assets. The following table sets forth information
regarding nonaccrual loans and real estate owned, as of the dates indicated. We
have no loans categorized as troubled debt restructurings within the meaning of
SFAS 15 and no ^ impaired loans within the meaning of SFAS 114, as amended by
SFAS 118. Interest income that would have been recorded on loans accounted for
on a nonaccrual basis under the original terms of such loans was approximately
$9,200 for the nine months ended September 30, 1997.
<TABLE>
<CAPTION>
At September 30, At December 31,
---------------- ------------------------
1997 1996 1995
-------- ------- ------
(Dollars in thousands)
<S> <C> <C> <C>
Loans accounted for on a non-accrual basis:
Real estate loans:
One- to four-family residential real estate .................. $ ^ 49 $ 85 $ 80
Commercial real estate ....................................... 4 -- --
Consumer ....................................................... 9 -- --
------ ---- ----
Total non-accrual loans ....................................... ^ 62 85 80
------ ---- ----
Accruing loans which are contractually past due 90 days or more:
Real estate loans:
One- to four-family residential real estate .................. ^ 152 141 44
Commercial real estate ....................................... -- 4 4
Home equity .................................................. 7 -- --
Non-mortgage loans:
Consumer ...................................................... 2 2 5
------ ---- ----
Total accrual loans ............................................ ^ 161 147 53
------ ---- ----
Total non-accrual and accrual loans ............................ $ 223 $232 $133
====== ==== ====
Real estate owned .............................................. $ -- $-- $ 22
====== ==== ====
Total non-performing assets .................................... $ 223 $232 $155
====== ==== ====
Total non-performing loans to total loans ...................... 1.89% 2.12% 1.38%
====== ==== ====
Total non-performing loans to total assets ..................... .59% .70% .45%
====== ==== ====
Total non-performing assets to total assets .................... .59% .70% .53%
====== ==== ====
</TABLE>
41
<PAGE>
Classified Assets. OTS regulations provide for a classification system
for problem assets of savings associations which covers all problem assets.
Under this classification system, problem assets of savings institutions such as
ours are classified as "substandard," "doubtful," or "loss." An asset is
considered substandard if it is inadequately protected by the current net worth
and paying capacity of the borrower or of the collateral pledged, if any.
Substandard assets include those characterized by the "distinct possibility"
that the savings institution will sustain "some loss" if the deficiencies are
not corrected. Assets classified as doubtful have all of the weaknesses inherent
in those classified substandard, with the added characteristic that the
weaknesses present make "collection or liquidation in full," on the basis of
currently existing facts, conditions, and values, "highly questionable and
improbable." Assets classified as loss are those considered "uncollectible" and
of such little value that their continuance as assets without the establishment
of a specific loss reserve is not warranted. Assets may be designated "special
mention" because of potential weaknesses that do not currently warrant
classification in one of the aforementioned categories.
When a savings association classifies problem assets as either
substandard or doubtful, it may establish general allowances for loan losses in
an amount deemed prudent by management. General allowances represent loss
allowances which have been established to recognize the inherent risk associated
with lending activities, but which, unlike specific allowances, have not been
allocated to particular problem assets. When a savings association classifies
problem assets as loss, it is required either to establish a specific allowance
for losses equal to 100% of that portion of the asset so classified or to charge
off such amount. A savings association's determination as to the classification
of its assets and the amount of its valuation allowances is subject to review by
the OTS, which may order the establishment of additional general or specific
loss allowances. A portion of general loss allowances established to cover
possible losses related to assets classified as substandard or doubtful may be
included in determining a savings association's regulatory capital. Specific
valuation allowances for loan losses generally do not qualify as regulatory
capital.
At September 30, 1997, we had $223,000 of loans classified as
substandard. These substandard loans are classified as nonperforming loans. We
had no loans classified as doubtful or loss. See "-- Nonperforming and Problem
Assets."
Allowances for Loan Losses. A provision for loan losses is charged to
operations based on management's evaluation of the losses that may be incurred
in our loan portfolio. The evaluation, including a review of all loans on which
full collectibility of interest and principal may not be reasonably assured,
considers: (i) our past loan loss experience, (ii) known and inherent risks in
our portfolio, (iii) adverse situations that may affect the borrower's ability
to repay, (iv) the estimated value of any underlying collateral, and (v) current
economic conditions.
We monitor our allowance for loan losses and make additions to the
allowance as economic conditions dictate. Although we maintain our allowance for
loan losses at a level that we consider adequate for the inherent risk of loss
in our loan portfolio, future losses could exceed estimated amounts and
additional provisions for loan losses could be required. In addition, our
determination of the amount of the allowance for loan losses is subject to
review by the OTS, as part of its examination process. After a review of the
information available, the OTS might require the establishment of an additional
allowance. Any increase in the loan loss allowance required by the OTS would
have a negative impact on our earnings.
The following table illustrates the allocation of the allowance for
loan losses for each category of loan. The allocation of the allowance to each
category is not necessarily indicative of future loss in any particular category
and does not restrict our use of the allowance to absorb losses in other loan
categories.
42
<PAGE>
<TABLE>
<CAPTION>
At September 30, At December 31,
---------------------------------- ---------------------------------------------------------------------
1997 1996 1995
---------------------------------- ---------------------------------- --------------------------------
Percent of Percent of Percent of
Loans in Each Loans in Each Loans in Each
Category to Category to Category to
Amount Total Loans Amount Total Loans Amount Total Loans
------ ----------- ------ ----------- ------ -----------
(Dollars in thousands)
<S> <C> <C> <C> <C> <C> <C>
One-to four-family $ 100 89.08% $ 63 87.31% $ 37 83.76%
Multi-family 1 .28 1 .63 1 .84
Commercial 3 6.70 2 8 .41 2 11.27
Consumer 1 3.94 - 3.65 - 4.13
----- ------ ----- ------ ------ ------
Total $ 105 100.00% $ 66 100.00% $ 40 100.00%
====== ====== ===== ====== ====== ======
</TABLE>
The following table sets forth information with respect to our
allowance for loan losses at the dates and for the periods indicated:
<TABLE>
<CAPTION>
For the Nine
Months Ended ^ For the Years Ended
September 30, December 31,
--------------------------- -----------------------------
1997 1996 1996 1995
--------- ---------- ----------- --------
(Dollars in thousands)
<S> <C> <C> <C> <C>
Total loans outstanding......................... $11,768 $9,905 ^ $ 10,945 $9,651
====== ===== ====== =====
Average loans outstanding....................... $11,220 $9,606 ^ $ 9,845 $9,130
====== ===== ====== =====
Allowance balance at beginning of period........ $ 66 $ 40 ^ $ 40 $ 34
Provision:
Real estate................................... 39 9 ^ 37 16
Consumer...................................... -- -- -- 5
Charge-offs:
Real estate................................... -- (10) ^ (10) (10)
Consumer...................................... -- (1) ^ (1) (5)
Recoveries:
Real estate................................... -- -- ^ -- --
Consumer...................................... -- -- ^ -- --
------- ----- -------- -------
Allowance balance at end of period.............. $ 105 $ 38 ^ $ 66 $ 40
====== ===== ======= ======
Allowance for loan losses as a percent ^
of total loans outstanding.................... 0.89% 0.39%^ 0.60 % 0.41 %
Net loans charged off as a percent
of average loans outstanding.................. -- (.11)%^ (.11)%^ (.16)%
</TABLE>
43
<PAGE>
Investment Activities
Investment Securities. We are required under federal regulations to
maintain a minimum amount of liquid assets which may be invested in specified
short-term securities and certain other investments. See "Regulation -- Savings
Institution Regulation -- Federal Home Loan Bank System" and "Management's
Discussion and Analysis of Financial Condition and Results of Operations --
Liquidity and Capital Resources." The level of liquid assets varies depending
upon several factors, including: (i) the yields on investment alternatives, (ii)
our judgment as to the attractiveness of the yields then available in relation
to other opportunities, (iii) expectation of future yield levels, and (iv) our
projections as to the short-term demand for funds to be used in loan origination
and other activities. We classify our investment securities as "available for
sale" or "held to maturity" in accordance with SFAS No. 115. At September 30,
1997, our investment portfolio policy allowed investments in instruments such
as: (i) U.S. Treasury obligations, (ii) U.S. federal agency or federally
sponsored agency obligations, (iii) local municipal obligations, (iv)
mortgage-backed securities, (v) banker's acceptances, (vi) certificates of
deposit, (vii) federal funds, including FHLB overnight and term deposits, and
(viii) investment grade corporate bonds, commercial paper and mortgage
derivative products. See "-- Mortgage-backed Securities." The board of directors
may authorize additional investments.
Mortgage-backed Securities. To supplement lending activities, we have
invested in residential mortgage-backed securities. Mortgage-backed securities
can serve as collateral for borrowings and, through repayments, as a source of
liquidity. Mortgage-backed securities represent a participation interest in a
pool of single-family or other type of mortgages. Principal and interest
payments are passed from the mortgage originators, through intermediaries
(generally quasi-governmental agencies) that pool and repackage the
participation interests in the form of securities, to investors such as us. The
quasi-governmental agencies guarantee the payment of principal and interest to
investors and include the Federal Home Loan Mortgage Corporation ("FHLMC"),
Government National Mortgage Association ("GNMA"), and Federal National Mortgage
Association ("FNMA.")
Mortgage-backed securities typically are issued with stated principal
amounts. The securities are backed by pools of mortgages that have loans with
interest rates that are within a set range and have varying maturities. The
underlying pool of mortgages can be composed of either fixed rate or adjustable
rate mortgage loans. Mortgage-backed securities are generally referred to as
mortgage participation certificates or pass-through certificates. The interest
rate risk characteristics of the underlying pool of mortgages (i.e., fixed rate
or adjustable rate) and the prepayment risk, are passed on to the certificate
holder. The life of a mortgage-backed pass-through security is equal to the life
of the underlying mortgages. Expected maturities will differ from contractual
maturities due to scheduled repayments and because borrowers may have the right
to call or prepay obligations with or without prepayment penalties.
Mortgage-backed securities issued by FHLMC and GNMA make up a majority of the
pass-through certificates market.
Securities Portfolio. The following table sets forth the carrying
(i.e., amortized cost) value of our investment securities held to maturity, at
the dates indicated. Our securities portfolio classified as available for sale
is carried at market value.
44
<PAGE>
<TABLE>
<CAPTION>
At
September 30, At December 31,
------------- -------------------------------
1997 1996 1995
------------- ---------- -------------
(In thousands)
<S> <C> <C> <C>
Securities held to maturity:
U.S. Government agencies...................................... $ 3,257 $ 2,678 $ 2,385
Obligations of state and political subdivisions............... 1,803 1,606 1,604
Mortgage-backed securities.................................... 8,472 7,457 7,991
------ ------ ------
Total securities held to maturity.......................... 13,532 11,741 11,980
------ ------ ------
Securities available for sale:
Mutual funds.................................................. 784 756 247
FHLMC common stock............................................ 624 489 495
Mortgage-backed securities.................................... 53 53 90
------- ------- --------
Total securities available for sale........................ 1,461 1,298 832
------ ------ -------
Total investment and mortgage-backed securities............ $14,993 $13,039 $12,812
====== ====== ======
</TABLE>
45
<PAGE>
The following table sets forth information regarding the scheduled
maturities, carrying values, approximate fair values, and weighted average
yields for our investment and mortgage-backed securities portfolio at September
30, 1997 by contractual maturity. The following table does not take into
consideration the effects of scheduled repayments or the effects of possible
prepayments.
<TABLE>
<CAPTION>
As of September 30, 1997
-----------------------------------------------------------------------------------------------------------
More than More than
One Year or Less One to Five Years Five to Ten Years More than Ten Years Total Investment Securities
---------------- ----------------- ----------------- ------------------- ---------------------------
Carrying Average Carrying Average Carrying Average Carrying Average Carrying Average Market
Value Yield Value Yield Value Yield Value Yield Value Yield Value
-------- ------- -------- ------- -------- ----- -------- ------- -------- ------ ---------
(Dollars in thousands)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
U.S. Government
agencies........... $ 250 4.80% $1,700 6.06% $450 7.27% $ 856 7.70% $ 3,256 6.56% $ 3,248
Obligations of
state and
political
subdivisions ...... 300 5.12 418 8.82 311 9.21 774 6.24 1,803 7.17 1,870
Mutual funds ........ 784 5.35 -- -- -- -- -- -- 784 5.35 784
FHLMC common stock .. 624 .11 -- -- -- -- -- -- 624 0.11 624
Mortgage-backed
securities......... 454 5.28 2,496 5.94 66 8.57 5,510 6.78 8,526 6.47 8,638
------- ---- ----- ---- --- ---- ----- ---- ------ ---- ------
Total ............. $ 2,412 3.90% $4,614 6.25% $827 8.10% $7,140 6.83% $14,993 6.25% $15,164
======= ==== ===== ==== === ==== ===== ==== ====== ==== ======
</TABLE>
46
<PAGE>
Sources of Funds
Deposits are our major external source of funds for lending and other
investment purposes. Funds are also derived from the receipt of payments on
loans and prepayment of loans and maturities of investment securities and
mortgage-backed securities and, to a much lesser extent, borrowings and
operations. Scheduled loan principal repayments are a relatively stable source
of funds, while deposit inflows and outflows and loan prepayments are
significantly influenced by general interest rates and market conditions.
Deposits. Consumer and commercial deposits are attracted principally
from within our primary market area through the offering of a selection of
deposit instruments including regular savings accounts, money market accounts,
and term certificate accounts. IRA accounts are also offered. Deposit account
terms vary according to the minimum balance required, the time period the funds
must remain on deposit, and the interest rate.
The interest rates paid by us on deposits are set weekly at the
direction of our senior management. Interest rates are determined based on our
liquidity requirements, interest rates paid by our competitors, and our growth
goals and applicable regulatory restrictions and requirements.
At September 30, 1997, we had no brokered deposits and our deposits
were represented by the following types of savings programs.
<TABLE>
<CAPTION>
Minimum Balance as of Percentage
Interest Balance September 30, of Total
Category Term Rate(1) Amount 1997 Deposits
- -------- ---- ------- ------ ---- --------
(Dollars in thousands)
<S> <C> <C> <C> <C> <C>
Non-interest Accounts -- -- $1,308 3.90%
NOW Accounts 2.00% $ 300 1,603 4.69
Regular Savings None 3.00 100 9,284 27.40
Money Market Accounts 2.75 2,500 1,290 3.81
Certificates of Deposit:
Fixed Term, Fixed Rate 3 months 4.25 500 128 .38
Fixed Term, Fixed Rate 6 months 5.00 500 2,644 7.80
Fixed Term, Fixed Rate 12 months 5.87 500 9,630 28.42
Fixed Term, Fixed Rate 30 months 6.02 500 4,157 12.27
Fixed Term, Fixed Rate 60 months 5.87 500 1,382 4.08
Fixed Term, Fixed Rate 72 - 120 months 5.87 500 929 2.74
Jumbo Certificates (2) 100,000 1,529 4.51
------ -------
Total $33,884 100 .00%
====== =======
</TABLE>
- ---------------
(1) Interest rate offerings as of September 30, 1997.
(2) Negotiated rates and terms
47
<PAGE>
The following table sets forth our time deposits classified by interest
rate at the dates indicated.
At
September 30, As of December 31,
------------- -----------------------------
1997 1996 1995
------------- -------- --------
(In thousands)
Interest Rate
4.00% or less $ 32 $ 181 $ 131
4.01 - 6.00% 16,353 13,037 10,188
6.01 - 8.00% 3,986 4,091 4,205
8.01 - 10.00 28 26 24
------- ------- -------
Total $20,399 $17,335 $14,548
====== ====== ======
The following table sets forth the amount and maturities of our time
deposits at September 30, 1997.
<TABLE>
<CAPTION>
Amount Due
---------------------------------------------------------------------------------------------------
After
September 30, September 30, September 30, September 30,
Interest Rate 1998 1999 2000 2000 Total
- ------------- ------------- ------------- ------------ ------------- ---------
(Dollars in thousands)
<S> <C> <C> <C> <C> <C>
2.00 - 4.00% $ 4 $ 28 $ - $ - $ 32
4.01 - 6.00% 13,509 1,133 659 1,052 16,353
6.01 - 8.00% 2,673 525 538 250 3,986
8.01 - 10.00% - - - 28 28
-------- ------- ------- ------ -------
Total $16,186 $1,686 $1,197 $1,330 $20,399
====== ===== ===== ===== ======
</TABLE>
The following table indicates the amount of our certificates of deposit
of $100,000 or more by time remaining until maturity as of September 30, 1997.
Certificates
Maturity Period of Deposits
--------------- -----------
(In thousands)
Within three months $ 306
Three through six months 721
Six through twelve months 502
Over twelve months -
------
$1,529
======
48
<PAGE>
Borrowings. Advances (borrowing) may be obtained from the FHLB of
Pittsburgh to supplement our supply of lendable funds. Advances from the FHLB of
Pittsburgh are typically secured by a pledge of our stock in the FHLB of
Pittsburgh, a portion of our first mortgage loans and other assets. Each FHLB
credit program has its own interest rate, which may be fixed or adjustable, and
range of maturities. We may borrow up to $16.2 million from the FHLB of
Pittsburgh. If the need arises, we may also access the Federal Reserve Bank
discount window to supplement our supply of lendable funds and to meet deposit
withdrawal requirements. At September 30, 1997, we had no borrowings from the
FHLB of Pittsburgh.
Competition
Competition for deposits comes from other insured financial
institutions such as commercial banks, thrift institutions, credit unions,
finance companies, and multi-state regional banks in our market areas.
Competition for funds also includes a number of insurance products sold by local
agents and investment products such as mutual funds and other securities sold by
local and regional brokers. Loan competition varies depending upon market
conditions and comes from commercial banks, thrift institutions, credit unions
and mortgage bankers, most of whom have far greater resources than we have.
Properties
We operate from our main office and one branch office.
Net Book Value
Year at
Location Owned Acquired September 30, 1997
- -------- ----------- -------- ------------------
900 Saxonburg Boulevard Owned 1996 $1,082,078
Pittsburgh, Pennsylvania 15223
5200 Butler Street Owned 1958 $ 200,097
Pittsburgh, Pennsylvania 15201
In addition, we own property at 920 Saxonburg Boulevard which consists
of a single family dwelling that we rent for $650 per month. Upon termination of
our lease, we plan to use this property as a paved parking area for our
customers and employees. At September 30, 1997, the net book value of the
property was $65,000. On November 14, 1997, we purchased property at 922
Saxonburg Boulevard for $66,000. ^ This property was acquired for possible
future business needs. However, temporarily, this property is being leased as
residential real estate and is included in "premises and equipment" on the
balance sheet of the financial statements of Stanton Federal Savings Bank. See
"Financial Statements of Stanton Federal Savings Bank."
Personnel
At September 30, 1997 we had 12 full-time and three part-time
employees. None of our employees are represented by a collective bargaining
group. We believe that our relationship with our employees is good.
49
<PAGE>
Legal Proceedings
We are, from time to time, a party to legal proceedings arising in the
ordinary course of our business, including legal proceedings to enforce our
rights against borrowers. We are not currently a party to any legal proceedings
which are expected to have a material adverse effect on our financial
statements.
REGULATION
Set forth below is a brief description of certain laws which relate to
us. The description is not complete and is qualified in its entirety by
references to applicable laws and regulation.
Holding Company Regulation
General. SFSB will be required to register and file reports with the
OTS and will be subject to regulation and examination by the OTS. In addition,
the OTS will have enforcement authority over SFSB and any non-savings
institution subsidiaries. This will permit the OTS to restrict or prohibit
activities that it determines to be a serious risk to us. This regulation is
intended primarily for the protection of our depositors and not for the benefit
of you, as stockholders of SFSB.
QTL Test. Since SFSB will only own one savings institution, it will be
able to diversify its operations into activities not related to banking, but
only so long as we satisfy the QTL test. If SFSB controls more than one savings
institution, it would lose the ability to diversify its operations into
non-banking related activities, unless such other savings institutions each also
qualify as a QTL or were acquired in a supervised acquisition. See "-- Savings
Institution Regulation -- Qualified Thrift Lender Test."
Restrictions on Acquisitions. SFSB must obtain approval from the OTS
before acquiring control of any other SAIF-insured savings institution. No
person may acquire control of a federally insured savings institution without
providing at least 60 days written notice to the OTS and giving the OTS an
opportunity to disapprove the proposed acquisition.
Savings Institution Regulation
General. As a federally chartered, SAIF-insured savings institution, we
are subject to extensive regulation by the OTS and the FDIC. Our lending
activities and other investments must comply with various federal and state
statutory and regulatory requirements. We are also subject to certain reserve
requirements promulgated by the Board of Governors of the Federal Reserve System
("Federal Reserve System").
The OTS, in conjunction with the FDIC, regularly examines us and
prepares reports for the consideration of our board of directors on any
deficiencies that the OTS finds in our operations. Our relationship with our
depositors and borrowers is also regulated to a great extent by federal and
state law, especially in such matters as the ownership of savings accounts and
the form and content of our mortgage documents.
We must file reports with the OTS and the FDIC concerning our
activities and financial condition, in addition to obtaining regulatory
approvals prior to entering into certain transactions such as mergers with or
acquisitions of other financial institutions. This regulation and supervision
establishes a comprehensive framework of activities in which an institution can
engage and is intended primarily for the protection of the SAIF and depositors.
The regulatory structure also gives the regulatory authorities extensive
discretion in connection with their supervisory and enforcement activities and
examination policies, including policies with respect to the classification of
assets and the establishment of adequate loan loss
50
<PAGE>
reserves for regulatory purposes. Any change in regulations, whether by the OTS,
the FDIC or any other government agency, could have a material adverse impact on
our operations.
Insurance of Deposit Accounts. The FDIC is authorized to establish
separate annual assessment rates for deposit insurance for members of the BIF
and the SAIF. The FDIC may increase assessment rates for either fund if
necessary to restore the fund's ratio of reserves to insured deposits to its
target level within a reasonable time and may decrease such assessment rates if
such target level has been met. The FDIC has established a risk-based assessment
system for both SAIF and BIF members. Under this system, assessments are set
within a range, based on the risk the institution poses to its deposit insurance
fund. This risk level is determined based on the institution's capital level and
the FDIC's level of supervisory concern about the institution.
Because a significant portion of the assessments paid into the SAIF by
savings institutions were used to pay the cost of prior savings institution
failures, the reserves of the SAIF were below the level required by law. The BIF
had, however, met its required reserve level during the third calendar quarter
of 1995. As a result, deposit insurance premiums for deposits insured by the BIF
were substantially less than premiums for deposits such as ours which are
insured by the SAIF. Legislation to capitalize the SAIF and to eliminate the
significant premium disparity between the BIF and the SAIF became effective
September 30, 1996. The recapitalization plan provided for a special assessment
equal to $.657 per $100 of SAIF deposits held at September 30, 1995, in order to
increase SAIF reserves to the level required by law. Certain BIF institutions
holding SAIF-insured deposits were required to pay a lower special assessment.
Based on our deposits at September 30, 1995, we paid a pre-tax special
assessment of $161,000.
The recapitalization plan also provides that the cost of prior failures
which were funded through the issuance of Fico Bonds (bonds issued to fund the
cost of savings institution failures in prior years) will be shared by members
of both the SAIF and the BIF. This will increase BIF assessments for healthy
banks to approximately $.013 per $100 of deposits in 1997. SAIF assessments for
healthy savings institutions in 1997 will be approximately $.064 per $100 in
deposits and may be reduced, but not below the level set for healthy BIF
institutions.
The FDIC has lowered the rates on assessments paid to the SAIF and
widened the spread of those rates. The FDIC's action established a base
assessment schedule for the SAIF with rates ranging from 4 to 31 basis points,
and an adjusted assessment schedule that reduces these rates by 4 basis points.
As a result, the effective SAIF rates range from 0 to 27 basis points as of
October 1, 1996. In addition, the FDIC's final rule prescribed a special interim
schedule of rates ranging from 18 to 27 basis points for SAIF-member savings
institutions for the last quarter of calendar 1996, to reflect the assessments
paid to the Financing Corp. (Fico Bonds). Finally, the FDIC's action established
a procedure for making limited adjustments to the base assessment rates by
rulemaking without notice and comment, for both the SAIF and the BIF.
The recapitalization plan also provides for the merger of the SAIF and
BIF effective January 1, 1999, assuming there are no savings institutions under
federal law. Under separate proposed legislation, Congress is considering the
elimination of the federal thrift charter and elimination of the separate
federal regulation of thrifts. As a result, we might have to convert to a
different financial institution charter and be regulated under federal law as a
bank, including being subject to the more restrictive activity limitations
imposed on national banks. We cannot predict the impact of our conversion to, or
regulation as, a bank until the legislation requiring such change is enacted.
Regulatory Capital Requirements. OTS capital regulations require
savings institutions to meet three capital standards: (1) tangible capital equal
to 1.5% of total adjusted assets, (2) core capital equal
51
<PAGE>
to at least 3% of total adjusted assets, and (3) risk-based capital equal to 8%
of total risk-weighted assets. Our capital ratios are set forth under
"Historical and Pro Forma Capital Compliance."
Tangible capital is defined as core capital less all intangible assets
(including supervisory goodwill), less certain mortgage servicing rights and
less certain investments. Core capital is defined as common stockholders' equity
(including retained earnings), noncumulative perpetual preferred stock and
minority interests in the equity accounts of consolidated subsidiaries, certain
nonwithdrawable accounts and pledged deposits of mutual savings associations and
qualifying supervisory goodwill, less nonqualifying intangible assets, certain
mortgage servicing rights and certain investments.
The risk-based capital standard for savings institutions requires the
maintenance of total risk-based capital (which is defined as core capital plus
supplementary capital) of 8% of risk-weighted assets. The components of
supplementary capital include, among other items, cumulative perpetual preferred
stock, perpetual subordinated debt, mandatory convertible subordinated debt,
intermediate-term preferred stock, and the portion of the allowance for loan
losses not designated for specific loan losses. The portion of the allowance for
loan and lease losses includable in supplementary capital is limited to a
maximum of 1.25% of risk-weighted assets. Overall, supplementary capital is
limited to 100% of core capital. A savings association must calculate its
risk-weighted assets by multiplying each asset and off-balance sheet item by
various risk factors as determined by the OTS, which range from 0% for cash to
100% for delinquent loans, property acquired through foreclosure, commercial
loans, and other assets.
The risk-based capital standards of the OTS generally require savings
institutions with more than a "normal" level of interest rate risk to maintain
additional total capital. An institution's interest rate risk will be measured
in terms of the sensitivity of its "net portfolio value" to changes in interest
rates. Net portfolio value is defined, generally, as the present value of
expected cash inflows from existing assets and off-balance sheet contracts less
the present value of expected cash outflows from existing liabilities. A savings
institution will be considered to have a "normal" level of interest rate risk
exposure if the decline in its net portfolio value after an immediate 200 basis
point increase or decrease in market interest rates (whichever results in the
greater decline) is less than two percent of the current estimated economic
value of its assets. An institution with a greater than normal interest rate
risk will be required to deduct from total capital, for purposes of calculating
its risk-based capital requirement, an amount (the "interest rate risk
component") equal to one-half the difference between the institution's measured
interest rate risk and the normal level of interest rate risk, multiplied by the
economic value of its total assets.
The OTS calculates the sensitivity of an institution's net portfolio
value based on data submitted by the institution in a schedule to its quarterly
Thrift Financial Report and using the interest rate risk measurement model
adopted by the OTS. The amount of the interest rate risk component, if any, to
be deducted from an institution's total capital will be based on the
institution's Thrift Financial Report filed two quarters earlier. Savings
institutions with less than $300 million in assets and a risk-based capital
ratio above 12% are generally exempt from filing the interest rate risk schedule
with their Thrift Financial Reports. However, the OTS may require any exempt
institution that it determines may have a high level of interest rate risk
exposure to file such schedule on a quarterly basis and may be subject to an
additional capital requirement based upon its level of interest rate risk as
compared to its peers. However, due to our net size and risk-based capital
level, we are exempt from the interest rate risk component.
Dividend and Other Capital Distribution Limitations. OTS regulations
require us to give the OTS 30 days advance notice of any proposed declaration of
dividends to SFSB, and the OTS has the authority under its supervisory powers to
prohibit the payment of dividends by us to SFSB. In addition, we may not declare
or pay a cash dividend on our capital stock if the effect would be to reduce our
regulatory
52
<PAGE>
capital below the amount required for the liquidation account to be established
at the time of the conversion. See "The Conversion -- Effects of Conversion to
Stock Form on Depositors and Borrowers of Stanton Federal Savings Bank --
Liquidation Account."
OTS regulations impose limitations upon all capital distributions by
savings institutions, such as cash dividends, payments to repurchase or
otherwise acquire its shares, payments to stockholders of another institution in
a cash-out merger, and other distributions charged against capital. The rule
establishes three tiers of institutions based primarily on an institution's
capital level. An institution that exceeds all fully phased-in capital
requirements before and after a proposed capital distribution ("Tier 1
institution") and has not been advised by the OTS that it is in need of more
than the normal supervision can, after prior notice but without the approval of
the OTS, make capital distributions during a calendar year equal to the greater
of (i) 100% of its net income to date during the calendar year plus the amount
that would reduce by one-half its "surplus capital ratio" (the excess capital
over its fully phased-in capital requirements) at the beginning of the calendar
year, or (ii) 75% of its net income over the most recent four quarter period.
Any additional capital distributions require prior regulatory notice. As of
September 30, 1997, we qualified as a Tier 1 institution.
In the event our capital falls below our fully phased-in requirement or
the OTS notifies us that we are in need of more than normal supervision, we
would become a Tier 2 or Tier 3 institution and as a result, our ability to make
capital distributions could be restricted. Tier 2 institutions, which are
institutions that before and after the proposed distribution meet their current
minimum capital requirements, may only make capital distributions of up to 75%
of net income over the most recent four quarter period. Tier 3 institutions,
which are institutions that do not meet current minimum capital requirements and
propose to make any capital distribution, and Tier 2 institutions that propose
to make a capital distribution in excess of the noted safe harbor level, must
obtain OTS approval prior to making such distribution. In addition, the OTS
could prohibit a proposed capital distribution by any institution, which would
otherwise be permitted by the regulation, if the OTS determines that such
distribution would constitute an unsafe or unsound practice. The OTS has
proposed rules relaxing certain approval and notice requirements for
well-capitalized institutions.
A savings institution is prohibited from making a capital distribution
if, after making the distribution, the savings institution would be
undercapitalized (i.e., not meet any one of its minimum regulatory capital
requirements). Further, a savings institution cannot distribute regulatory
capital that is needed for its liquidation account.
Qualified Thrift Lender Test. Savings institutions must meet a
qualified thrift lender ("QTL") test. If we maintain an appropriate level of
qualified thrift investments ("QTIs") (primarily residential mortgages and
related investments, including certain mortgage-related securities) and
otherwise qualify as a QTL, we will continue to enjoy full borrowing privileges
from the FHLB of Pittsburgh. The required percentage of QTIs is 65% of portfolio
assets (defined as all assets minus intangible assets, property used by the
institution in conducting its business and liquid assets equal to 10% of total
assets). Certain assets are subject to a percentage limitation of 20% of
portfolio assets. In addition, savings institutions may include shares of stock
of the FHLBs, FNMA, and FHLMC as QTIs. Compliance with the QTL test is
determined on a monthly basis in nine out of every 12 months. As of September
30, 1997, we were in compliance with our QTL requirement with approximately
69.22% of our assets invested in QTIs.
Transactions With Affiliates. Generally, restrictions on transactions
with affiliates require that transactions between a savings institution or its
subsidiaries and its affiliates be on terms as favorable to the savings
institution as comparable transactions with non-affiliates. In addition, certain
of these transactions are restricted to an aggregate percentage of the savings
institution's capital. Collateral in specified amounts
53
<PAGE>
must usually be provided by affiliates in order to receive loans from the
savings institution. Our affiliates include SFSB and any company which would be
under common control with us. In addition, a savings institution may not extend
credit to any affiliate engaged in activities not permissible for a bank holding
company or acquire the securities of any affiliate that is not a subsidiary. The
OTS has the discretion to treat subsidiaries of savings institution as
affiliates on a case-by-case basis.
Liquidity Requirements. All savings institutions are required to
maintain an average daily balance of liquid assets equal to a certain percentage
of the sum of its average daily balance of net withdrawable deposit accounts and
borrowings payable in one year or less. The liquidity requirement may vary from
time to time (between 4% and 10%) depending upon economic conditions and savings
flows of all savings institutions. At September 30, 1997, our required liquid
asset ratio was 5.0% and our actual ratio was 25.40%. Monetary penalties may be
imposed upon institutions for violations of liquidity requirements.
Federal Home Loan Savings Bank System. We are a member of the FHLB of
Pittsburgh, which is one of 12 regional FHLBs. Each FHLB serves as a reserve or
central bank for its members within its assigned region. It is funded primarily
from funds deposited by savings institutions and proceeds derived from the sale
of consolidated obligations of the FHLB System. It makes loans to members (i.e.,
advances) in accordance with policies and procedures established by the board of
directors of the FHLB.
As a member, we are required to purchase and maintain stock in the FHLB
of Pittsburgh in an amount equal to at least 1% of our aggregate unpaid
residential mortgage loans, home purchase contracts or similar obligations at
the beginning of each year. At September 30, 1997, we had $171,000 in FHLB
stock, at cost, which was in compliance with this requirement. The FHLB imposes
various limitations on advances such as limiting the amount of certain types of
real estate related collateral to 30% of a member's capital and limiting total
advances to a member.
The FHLBs are required to provide funds for the resolution of troubled
savings institutions and to contribute to affordable housing programs through
direct loans or interest subsidies on advances targeted for community investment
and low- and moderate-income housing projects. These contributions have
adversely affected the level of FHLB dividends paid and could continue to do so
in the future.
Federal Reserve System. The Federal Reserve System requires all
depository institutions to maintain non-interest bearing reserves at specified
levels against their transaction accounts (primarily checking, NOW and Super NOW
checking accounts) and non-personal time deposits. The balances maintained to
meet the reserve requirements imposed by the Federal Reserve System may be used
to satisfy the liquidity requirements that are imposed by the OTS. At September
30, 1997, our reserve met the minimum level required by the Federal Reserve
System.
Savings institutions have authority to borrow from the Federal Reserve
System "discount window," but Federal Reserve System policy generally requires
savings institutions to exhaust all other sources before borrowing from the
Federal Reserve System. We had no borrowings from the Federal Reserve System at
September 30, 1997.
TAXATION
Federal Taxation
We are subject to the provisions of the Internal Revenue Code of 1986,
as amended (the "Code"), in the same general manner as other corporations.
However, prior to August 1996, savings institutions such as us, which met
certain definitional tests and other conditions prescribed by the Code could
benefit
54
<PAGE>
from certain favorable provisions regarding their deductions from taxable income
for annual additions to their bad debt reserve. The amount of the bad debt
deduction that a qualifying savings institution could claim with respect to
additions to its reserve for bad debts was subject to certain limitations. We
reviewed the most favorable way to calculate the deduction attributable to an
addition to our bad debt reserve on an annual basis.
In August 1996, the Code was revised to equalize the taxation of
thrifts and banks. Thrifts, such as us, no longer have a choice between the
percentage of taxable income method and the experience method in determining
additions to bad debt reserves. Thrifts with $500 million of assets or less may
still use the experience method, which is generally available to small banks
currently. Larger thrifts must use the specific charge off method regarding bad
debts. Any reserve amounts added after 1987 will be taxed over a six year period
beginning in 1996; however, bad debt reserves set aside through 1987 are
generally not taxed. A savings institution may delay recapturing into income its
post-1987 bad debt reserves for an additional two years if it meets a
residential-lending test. At September 30, 1997, we had excess bad debt reserves
of approximately $85,000 which will create a tax recapture of approximately
$29,000.
Under the percentage of taxable income method, the bad debt deduction
attributable to "qualifying real property loans" could not exceed the greater of
(i) the amount deductible under the experience method, or (ii) the amount which,
when added to the bad debt deduction for non-qualifying loans, equaled the
amount by which 12% of the sum of the total deposits and the advance payments by
borrowers for taxes and insurance at the end of the taxable year exceeded the
sum of the surplus, undivided profits and reserves at the beginning of the
taxable year. The amount of the bad debt deduction attributable to qualifying
real property loans computed using the percentage of taxable income method was
permitted only to the extent that the institution's reserve for losses on
qualifying real property loans at the close of the taxable year did not exceed
6% of such loans outstanding at such time.
Under the experience method, the bad debt deduction may be based on (i)
a six-year moving average of actual losses on qualifying and non-qualifying
loans, or (ii) a fill-up to the institution's base year reserve amount, which is
the tax bad debt reserve determined as of December 31, 1987.
The percentage of specially computed taxable income that was used to
compute a savings institution's bad debt reserve deduction under the percentage
of taxable income method (the "percentage bad debt deduction") was 8%. The
percentage of taxable income bad debt deduction thus computed was reduced by the
amount permitted as a deduction for non-qualifying loans under the experience
method. The availability of the percentage of taxable income method permitted
qualifying savings institutions to be taxed at a lower effective federal income
tax rate than that applicable to corporations (generally, approximately 31.3%,
assuming the maximum percentage bad debt deduction).
If a savings institution's qualifying assets (generally, loans secured
by residential real estate or deposits, educational loans, cash and certain
government obligations) constitute less than 60% of its total assets, the
institution may not deduct any addition to a bad debt reserve and generally must
include existing reserves in income over a four year period, which is
immediately accruable for financial reporting purposes. As of September 30,
1997, at least 60% of our assets were qualifying assets as defined in the Code.
No assurance can be given that we will meet the 60% test for subsequent taxable
years.
Earnings appropriated to our bad debt reserve and claimed as a tax
deduction including our supplemental reserves for losses will not be available
for the payment of cash dividends or for distribution to you, our stockholders
(including distributions made on dissolution or liquidation), unless we include
the amount in income, along with the amount deemed necessary to pay the
resulting federal income tax. As of September 30, 1997, we had approximately
$975,000 of accumulated earnings, representing our
55
<PAGE>
base year tax reserve, for which federal income taxes have not been provided. If
such amount is used for any purpose other than bad debt losses, including a
dividend distribution or a distribution in liquidation, it will be subject to
federal income tax at the then current rate.
Generally, for taxable years beginning after 1986, the Code also
requires most corporations, including savings institutions, to utilize the
accrual method of accounting for tax purposes. Further, for taxable years ending
after 1986, the Code disallows 100% of a savings institution's interest expense
deemed allocated to certain tax-exempt obligations acquired after August 7,
1986. Interest expense allocable to (i) tax-exempt obligations acquired after
August 7, 1986 which are not subject to this rule, and (ii) tax-exempt
obligations issued after 1982 but before August 8, 1986, are subject to the rule
which applied prior to the Code disallowing the deductibility of 20% of the
interest expense.
The Code imposes a tax ("AMT") on alternative minimum taxable income
("AMTI") at a rate of 20%. AMTI is increased by certain preference items,
including the excess of the tax bad debt reserve deduction using the percentage
of taxable income method over the deduction that would have been allowable under
the experience method. Only 90% of AMTI can be offset by net operating loss
carryovers of which we currently have none. AMTI is also adjusted by determining
the tax treatment of certain items in a manner that negates the deferral of
income resulting from the regular tax treatment of those items. Thus, our AMTI
is increased by an amount equal to 75% of the amount by which our adjusted
current earnings exceeds our AMTI (determined without regard to this adjustment
and prior to reduction for net operating losses). In addition, for taxable years
beginning after December 31, 1986 and before January 1, 1996, an environmental
tax of 0.12% of the excess of AMTI (with certain modifications) over $2 million
is imposed on corporations, including us, whether or not an AMT is paid. Under
pending legislation, the AMT rate would be reduced to zero for taxable years
beginning after December 31, 1994, but this rate reduction would be suspended
for taxable years beginning in 1995 and 1996 and the suspended amounts would be
refunded as tax credits in subsequent years.
SFSB may exclude from its income 100% of dividends received from us as
a member of the same affiliated group of corporations. A 70% dividends received
deduction generally applies with respect to dividends received from corporations
that are not members of such affiliated group, except that an 80% dividends
received deduction applies if SFSB owns more than 20% of the stock of a
corporation paying a dividend. The above exclusion amounts, with the exception
of the affiliated group figure, were reduced in years in which we availed
ourself of the percentage of taxable income bad debt deduction method.
Our federal income tax returns have not been audited by the IRS since
our fiscal year ended December 31, 1991. As a result of the audit, there was no
material effect to our financial statements.
State Taxation
We are subject to the Mutual Thrift Institutions Tax of the
Commonwealth of Pennsylvania based on our financial net income determined in
accordance with generally accepted accounting principles with certain
adjustments. Our tax rate under the Mutual Thrift Institutions Tax is 11.5%.
Interest on state and federal obligations is excluded from net income. An
allocable portion of net interest expense incurred to carry the obligations is
disallowed as a deduction. Three year carryforwards of losses are allowed.
Upon consummation of the conversion, we will also be subject to the
Corporate Net Income Tax and the Capital Stock Tax of the Commonwealth of
Pennsylvania.
56
<PAGE>
MANAGEMENT OF SFSB HOLDING COMPANY
SFSB board of directors consists of the same individuals who serve as
directors of Stanton Federal Savings Bank. The articles of incorporation and
bylaws of SFSB require that directors be divided into four classes, as nearly
equal in number as possible. Each class of directors serves for a four-year
period, with approximately one-fourth of the directors elected each year. The
officers of SFSB will be elected annually by the board and serve at the board's
discretion. Such officers are also officers of Stanton Federal Savings Bank. See
"Management of Stanton Federal Savings Bank."
MANAGEMENT OF STANTON FEDERAL SAVINGS BANK
Directors and Executive Officers
Our board of directors is composed of five members each of whom serves
for a term of three years, with approximately one-third of the directors elected
each year. Our proposed stock articles of incorporation and bylaws for SFSB
require that directors be divided into four classes, as nearly equal in number
as possible. Our officers are elected annually by our board and serve at the
board's discretion.
The following table sets forth information with respect to our
directors and executive officers, all of whom will continue to serve in the same
capacities after the conversion.
<TABLE>
<CAPTION>
Age at Current
September 30, Director Term
Directors 1997 Position Since Expires(1)
- --------- ------------------- -------- ------------- -------------
<S> <C> <C> <C>
Timothy R. Maier 38 Chairman of the Board 1986 1998
and Director
Barbara J. Mallen 55 President and Director 1972 2000
Joseph E. Gallagher 45 Senior Vice President, 1989 2000
Secretary, and Director
Jerome L. Kowalewski 53 Treasurer and Director 1993 1999
Mary Lois Loftus 68 Director 1994 1998
</TABLE>
- -------------------
(1) The terms for directors of SFSB are the same as those of Stanton
Federal Savings Bank except that Ms. Mallen's term will expire in 2001.
The business experience for the past five years of each of the
directors and executive officers is as follows:
Timothy R. Maier has been a member of the board since 1986 and Chairmen
since 1996. Mr. Maier is in the insurance business and owns two insurance
agencies in the local Pittsburgh area. Mr. Maier is the Past President and the
President Elect of the Rotary Club of Lawrenceville and a member of the
Lawrenceville Business Association and the Lawrenceville Development
Corporation.
57
<PAGE>
Barbara J. Mallen has been employed by us since 1960 and has been the
President since 1988 and a member of the board since 1972. Ms. Mallen is a
member of the Lawrenceville Business Association and past Director of the
Western Pennsylvania League of Savings Association.
Joseph E. Gallagher has been employed by us since 1979 and has been
Senior Vice President and Secretary since 1996 and a member of the board since
1989. Mr. Gallagher is Director and Treasurer of St. Mary's Lawrenceville Arts
Program.
Jerome L. Kowalewski has been a member of the board since 1993 and
Treasurer since 1996. Mr. Kowalewski is the majority shareholder and President
of Al & Bob's Auto Parts Inc., in the local Pittsburgh area. Mr. Kowalewski is a
member of the Lawrenceville Business Association.
Mary Lois Loftus has been a member of the board since 1995. Ms. Loftus
is a retired real estate agent and the former owner of Loftus Florist in the
local Pittsburgh area.
Meetings and Committees of the Board of Directors
The board of directors conducts its business through meetings of the
board and through activities of its committees. During the year ended December
31, 1996, the board of directors held 12 regular meetings. No director attended
fewer than 75% of the total meetings of the board of directors and committees on
which such director served during the year ended December 31, 1996.
Director Compensation
Each director is paid quarterly and total aggregate fees paid to the
directors for the year ended December 31, 1996 were $30,000. Beginning July 1,
1997, directors' compensation was increased to a monthly fee of $650.
Directors Consultant and Retirement Plan ("DRP"). Our DRP provides
retirement benefits to our directors based upon the number of years of service
to our board, which must be at least 5 years. If a director agrees to become a
consulting director to our board upon retirement, he or she will receive a
monthly payment of between $450 to $650 for 5 years or until death, whichever is
earlier. Benefits under our DRP will begin upon a director's retirement. In the
event there is a change in control, all directors will be presumed to have not
less than 5 years of service and each director will receive a lump sum payment
equal to the present value of future benefits payable.
58
<PAGE>
Executive Compensation
Summary Compensation Table. The following table sets forth the cash and
non-cash compensation awarded to or earned by our chief executive officer at
December 31, 1996. No employee earned in excess of $100,000 for the year ended
December 31, 1996.
Annual Compensation
-------------------------------------------
Other Annual
Compensation
Name and Principal Position Salary Bonus(1) (2)
- --------------------------- ------ -------- ------------
Barbara J. Mallen, President $78,420 $25,300 $6,000
- --------------------
(1) Included in this bonus amount is a special bonus of $15,000, for services
in connection with the construction of our Shaler Township office.
(2) Consists of $6,000 in director fees.
Employment Agreement. We have entered into an employment agreement with
our President, Barbara J. Mallen. Ms. Mallen's base salary under the employment
agreement is $96,000. The employment agreement has a term of three years. The
agreement is terminable by us for "just cause" as defined in the agreement. If
we terminate Ms. Mallen without just cause, Ms. Mallen will be entitled to a
continuation of her salary from the date of termination through the remaining
term of the agreement. The employment agreement contains a provision stating
that in the event of the termination of employment in connection with any change
in control of us, Ms. Mallen will be paid a lump sum amount equal to 2.99 times
her five year average annual taxable cash compensation. If such payments had
been made under the agreement as of September 30, 1997, such payments would have
equaled approximately $287,000. The aggregate payments that would have been made
to Ms. Mallen would be an expense to us, thereby reducing our net income and our
capital by that amount. The agreement may be renewed annually by our board of
directors upon a determination of satisfactory performance within the board's
sole discretion. If Ms. Mallen shall become disabled during the term of the
agreement, she shall continue to receive payment of 100% of the base salary for
a period of 12 months and 60% of such base salary for the remaining term of such
agreement. Such payments shall be reduced by any other benefit payments made
under other disability programs in effect for our employees.
Supplemental Executive Retirement Plan. We have implemented a
supplemental executive retirement plan ("SERP") for the benefit of our
President, Barbara J. Mallen. The SERP provides that Ms. Mallen may receive the
full income replacement percentage provided under our pension plan (67% of final
average compensation payable at age 62 rather than at age 65), provided she
remains employed until she becomes 58 years old, in the year 2000. In such
event, she will be eligible to receive a supplemental retirement benefit that
will have the effect of reducing the early retirement discount payable under our
pension plan from a reduction of 7% for each year that benefits commence prior
to age 65 to a reduction of approximately 3% per year for retirement prior to
age 62, but after age 58. Upon a termination of employment following a change in
control, Ms. Mallen will be presumed to have attained not less than the minimum
retirement age under the SERP. Payments under the SERP will be accrued for
financial reporting purposes during the period of employment of Ms. Mallen. The
SERP shall be unfunded. All benefits payable under the SERP will be paid from
our current assets. There are no tax consequences to either Ms. Mallen or us
related to the SERP prior to payment of benefits. Upon receipt
59
<PAGE>
of payment of benefits, Ms. Mallen will recognize taxable ordinary income in the
amount of such payments received and we will be entitled to recognize a
tax-deductible compensation expense at that time.
Employee Stock Ownership Plan. We have established an employee stock
ownership plan, the ESOP, for the exclusive benefit of participating employees
of ours, to be implemented upon the completion of the conversion. Participating
employees are employees who have completed one year of service with us or our
subsidiary and have attained the age of 21. An application for a letter of
determination as to the tax-qualified status of the ESOP will be submitted to
the IRS. Although no assurances can be given, we expect that the ESOP will
receive a favorable letter of determination from the IRS.
The ESOP is to be funded by contributions made by us in cash or common
stock. Benefits may be paid either in shares of the common stock or in cash. In
accordance with the Plan, the ESOP may borrow funds with which to acquire up to
8% of the common stock to be issued in the conversion. The ESOP intends to
borrow funds from SFSB. The loan is expected to be for a term of ten years at an
annual interest rate equal to the prime rate as published in The Wall Street
Journal. Presently it is anticipated that the ESOP will purchase up to 8% of the
common stock to be issued in the offering (i.e., $440,000, based on the midpoint
of the EVR). The loan will be secured by the shares purchased and earnings of
ESOP assets. Shares purchased with such loan proceeds will be held in a suspense
account for allocation among participants as the loan is repaid. We anticipate
contributing approximately $44,000 annually (based on a $440,000 purchase) to
the ESOP to meet principal obligations under the ESOP loan, as proposed. It is
anticipated that all such contributions will be tax-deductible. We will also
make additional contributions, as necessary to meet the interest obligations of
the ESOP loan. This loan is expected to be fully repaid in approximately 10
years.
Shares sold above the maximum of the EVR (i.e., more than 727,375
shares) may be sold to the ESOP before satisfying remaining unfilled orders of
Eligible Account Holders to fill the ESOP's subscription or the ESOP may
purchase some or all of the shares covered by its subscription after the
conversion in the open market.
Contributions to the ESOP and shares released from the suspense account
will be allocated among participants on the basis of total compensation. All
participants must be employed at least 1,000 hours in a plan year, or have
terminated employment following death, disability or retirement, in order to
receive an allocation. Participant accounts under the plan shall become vested
following 5 years of service. Employment prior to the adoption of the ESOP shall
be credited for the purposes of vesting. Vesting will be accelerated upon
retirement, death, disability, our change in control, or termination of the
ESOP. Forfeitures will be reallocated to participants on the same basis as other
contributions in the plan year. Benefits may be payable in the form of a lump
sum upon retirement, death, disability or separation from service. Our
contributions to the ESOP are discretionary and may cause a reduction in other
forms of compensation. Therefore, benefits payable under the ESOP cannot be
estimated.
The board of directors has appointed non-employee directors to the ESOP
Committee to administer the ESOP and to serve as the initial ESOP Trustees. The
board of directors or the ESOP Committee may instruct the ESOP Trustees
regarding investments of funds contributed to the ESOP. The ESOP Trustees must
vote all allocated shares held in the ESOP in accordance with the instructions
of the participating employees. Unallocated shares and allocated shares for
which no timely direction is received will be voted by the ESOP Trustees as
directed by the board of directors or the ESOP Committee, subject to the
Trustees' fiduciary duties.
Pension Plan. We sponsor a tax-qualified defined benefit pension plan
(the "Pension Plan"). All our full-time employees are eligible to participate
after one year of service and attainment of age 21.
60
<PAGE>
A qualifying employee becomes fully vested in the Pension Plan upon completion
of six years of qualifying service. The Pension Plan is intended to comply with
the Employee Retirement Income Security Act of 1974, as amended ("ERISA").
Our Pension Plan provides for monthly payments to each participating
employee at normal retirement age (the later of age 65 or five years after entry
into the plan). Benefits payable at normal retirement are equal to 66.6% of your
average monthly compensation multiplied by your earned benefit percentage. Such
earned benefit percentage equals your years of benefit service divided by the
greater of your maximum years of service until your normal retirement age, or
age 25. Such benefits payable at normal retirement are reduced for participants
completing less than six years of service upon retirement at the normal
retirement age, termination of service prior to the normal retirement age or
commencement of benefits prior to the normal retirement age.
Benefits are paid for the life of the participant following retirement.
The Pension Plan also provides for payments in the event of death. At September
30, 1997, Ms. Mallen had 36 years of credited service under the Pension Plan.
Upon normal retirement at age 65, Ms. Mallen would receive an annual benefit of
$69,000.
Benefits are payable in the form of various annuity alternatives,
including a joint and survivor option. For the Pension Plan year ended September
30, 1997, the highest permissible annual benefit under the Internal Revenue Code
is $125,000. Benefits under the Pension Plan are not subject to offset for
Social Security benefits.
Proposed Future Stock Benefit Plans
Stock Option Plan. Our board of directors intend to adopt a stock
option plan (the Option Plan) following the conversion, subject to approval by
SFSB's stockholders, at a stockholders meeting to be held no sooner than six
months after the conversion. The Option Plan would be in compliance with the OTS
regulations in effect. See "-- Restrictions on Stock Benefit Plans." If the
Option Plan is implemented within one year after the conversion, in accordance
with OTS regulations, a number of shares equal to 10% of the aggregate shares of
common stock to be issued in the offering (i.e., 55,000 shares based upon the
sale of 550,000 shares at the midpoint of the EVR) would be reserved for
issuance by SFSB upon exercise of stock options to be granted to our officers,
directors and employees from time to time under the Option Plan. The purpose of
the Option Plan would be to provide additional performance and retention
incentives to certain officers, directors and employees by facilitating their
purchase of a stock interest in SFSB. Under the OTS regulations, the Option
Plan, would provide that options awarded would vest over a five year period
(i.e., 20% per year), beginning one year after the date of grant of the option.
Options would be granted based upon several factors, including seniority, job
duties and responsibilities, job performance, our financial performance and a
comparison of awards given by other savings institutions converting from mutual
to stock form.
SFSB would receive no monetary consideration for the granting of stock
options under the Option Plan. It would receive the option price for each share
issued to optionees upon the exercise of such options. Shares issued as a result
of the exercise of options will be either authorized but unissued shares,
treasury shares, or shares purchased in the open market by SFSB. The exercise of
options and payment for the shares received would contribute to the equity of
SFSB.
If the Option Plan is implemented more than one year after the
conversion, the Option Plan will comply with OTS regulations and policies that
are applicable at such time.
61
<PAGE>
Restricted Stock Plan. Our board of directors intends to adopt the RSP
following the conversion, the objective of which is to enable us to retain
personnel and directors of experience and ability in key positions of
responsibility. SFSB expects to hold a stockholders' meeting no sooner than six
months after the conversion in order for stockholders to vote to approve the
RSP. If the RSP is implemented within one year after the conversion, in
accordance with applicable OTS regulations, the shares granted under the RSP
will be in the form of restricted stock vesting over a five year period (i.e.,
20% per year) beginning one year after the date of grant of the award.
Compensation expense in the amount of the fair market value of the common stock
granted will be recognized pro rata over the years during which the shares are
payable. Until they have vested, such shares may not be sold, pledged or
otherwise disposed of and are required to be held in escrow. Any shares not so
allocated would be voted by the RSP Trustees. The RSP will be implemented in
accordance with applicable OTS regulations. See "-- Restrictions on Stock
Benefit Plans." Awards would be granted based upon a number of factors,
including seniority, job duties and responsibilities, job performance, our
performance and a comparison of awards given by other institutions converting
from mutual to stock form. The RSP would be managed by a committee of
non-employee directors (the "RSP Trustees"). The RSP Trustees would have the
responsibility to invest all funds contributed by us to the trust created for
the RSP (the "RSP Trust").
We expect to contribute sufficient funds to the RSP so that the RSP
Trust can purchase, in the aggregate, up to 4% of the amount of common stock
that is sold in the conversion. The shares purchased by the RSP would be
authorized but unissued shares, treasury shares or would be purchased in the
open market. In the event the market price of the common stock is greater than
$10.00 per share, our contribution of funds will be increased. Likewise, in the
event the market price is lower than $10.00 per share, our contribution will be
decreased. In recognition of their prior and expected services to us and SFSB,
as the case may be, the officers, other employees and directors responsible for
implementation of the policies adopted by the board of directors and our
profitable operation will, without cost to them, be awarded stock under the RSP.
Based upon the sale of 550,000 shares of common stock in the offering at the
midpoint of the EVR, the RSP Trust is expected to purchase up to 22,000 shares
of common stock. If the RSP is implemented more than one year after the
conversion, the RSP will comply with such OTS regulations and policies that are
applicable at such time.
Restrictions on Stock Benefit Plans. OTS regulations provide that in
the event stock option or management and/or employee stock benefit plans are
implemented within one year from the date of conversion, such plans must comply
with the following restrictions: (1) the plans must be fully disclosed in the
prospectus, (2) for stock option plans, the total number of shares for which
options may be granted may not exceed 10% of the shares issued in the
conversion, (3) for restricted stock plans, the shares may not exceed 3% of the
shares issued in the conversion (4% for institutions with 10% or greater
tangible capital), (4) the aggregate amount of stock purchased by the ESOP in
the conversion may not exceed 10% (8% for well-capitalized institutions
utilizing a 4% restricted stock plan), (5) no individual employee may receive
more than 25% of the available awards under the option plan or the restricted
stock plans, (6) directors who are not employees may not receive more than 5%
individually or 30% in the aggregate of the awards under any plan, (7) all plans
must be approved by a majority of the total votes eligible to be cast at any
duly called meeting of SFSB's stockholders held no earlier than six months
following the conversion, (8) for stock option plans, the exercise price must be
at least equal to the market price of the stock at the time of grant, (9) for
restricted stock plans, no stock issued in a conversion may be used to fund the
plan, (10) neither stock option awards nor restricted stock awards may vest
earlier than 20% as of one year after the date of stockholder approval and 20%
per year thereafter, and vesting may be accelerated only in the case of
disability or death (or if not inconsistent with applicable OTS regulations in
effect at such time, in the event of a change in control), (11) the proxy
material must clearly state that the OTS in no way endorses or approves of the
plans, and (12) prior to implementing the plans, all plans
62
<PAGE>
must be submitted to the Regional Director of the OTS within five days after
stockholder approval with a certification that the plans approved by the
stockholders are the same plans that were filed with and disclosed in the proxy
materials relating to the meeting at which stockholder approval was received.
RESTRICTIONS ON ACQUISITIONS OF SFSB HOLDING COMPANY
While the board of directors is not aware of any effort that might be
made to obtain control of SFSB after conversion, the board of directors believes
that it is appropriate to include certain provisions as part of SFSB's articles
of incorporation to protect the interests of SFSB and its stockholders from
hostile takeovers ("anti-takeover"provisions) which the board of directors might
conclude are not in the best interests of us or our stockholders. These
provisions may have the effect of discouraging a future takeover attempt which
is not approved by the board of directors but which individual stockholders may
deem to be in their best interests or in which stockholders may receive a
substantial premium for their shares over the current market prices. As a
result, stockholders who might desire to participate in such a transaction may
not have an opportunity to do so. Such provisions will also render the removal
of the current board of directors or management of SFSB more difficult.
The following discussion is a general summary of the material
provisions of the articles of incorporation, bylaws, and certain other
regulatory provisions of SFSB, which may be deemed to have such an anti-takeover
effect. The description of these provisions is necessarily general and reference
should be made in each case to the articles of incorporation and bylaws of SFSB
which are filed as exhibits to the registration statement of which this
prospectus is a part. See "Where You Can Find Additional Information" as to how
to obtain a copy of these documents.
Provisions of SFSB Articles of Incorporation and Bylaws
Limitations on Voting Rights. The articles of incorporation of SFSB
provide that for a period of five years from completion of the conversion, in no
event shall any record owner of any outstanding equity security which is
beneficially owned, directly or indirectly, by a person who beneficially owns in
excess of 10% of any class of equity security outstanding (the "Limit") be
entitled or permitted to any vote in respect of the shares held in excess of the
Limit. The number of votes which may be cast by any record owner who
beneficially owned shares in excess of the Limit shall be a number equal to the
total number of votes which a single record owner of all common stock owned by
such person would be entitled to cast, multiplied by a fraction, the numerator
of which is the number of shares of such class or series which are both
beneficially owned by such person and owned of record by such record owner and
the denominator of which is the total number of shares of common stock
beneficially owned by such person owning shares in excess of the Limit. In
addition, for a period of five years from the completion of our conversion, no
person may directly or indirectly offer to acquire or acquire the beneficial
ownership of more than 10% of any class of an equity security of SFSB.
The impact of these provisions on the submission of a proxy on behalf
of a beneficial holder of more than 10% of the common stock is (1) to disregard
for voting purposes and require divestiture of the amount of stock held in
excess of 10% (if within five years of the conversion more than 10% of the
common stock is beneficially owned by a person) and (2) limit the vote on common
stock held by the beneficial owner to 10% or possibly reduce the amount that may
be voted below the 10% level (if more than 10% of the common stock is
beneficially owned by a person more than five years after the conversion).
Unless the grantor of a revocable proxy is an affiliate or an associate of such
a 10% holder or there is an arrangement, agreement or understanding with such a
10% holder, these provisions would not restrict the ability of such a 10% holder
of revocable proxies to exercise revocable proxies for which the 10% holder is
neither a beneficial nor record owner. A person is a beneficial owner of a
security if he has
63
<PAGE>
the power to vote or direct the voting of all or part of the voting rights of
the security, or has the power to dispose of or direct the disposition of the
security. The articles of incorporation of SFSB further provide that this
provision limiting voting rights may only be amended upon the vote of a majority
of the outstanding shares of voting stock.
Election of Directors. Certain provisions of SFSB's articles of
incorporation and bylaws will impede changes in majority control of the board of
directors. SFSB's articles of incorporation provide that the board of directors
of SFSB will be divided into four staggered classes, with directors in each
class elected for four-year terms. Thus, it would take three annual elections to
replace a majority of SFSB's board. SFSB's articles of incorporation provide
that the size of the board of directors may be increased or decreased only if
two-thirds of the directors then in office concur in such action. The articles
of incorporation also provide that any vacancy occurring in the board of
directors, including a vacancy created by an increase in the number of
directors, shall be filled for the remainder of the unexpired term by a majority
vote of the directors then in office. Finally, the articles of incorporation and
the bylaws impose certain notice and information requirements in connection with
the nomination by stockholders of candidates for election to the board of
directors or the proposal by stockholders of business to be acted upon at an
annual meeting of stockholders.
The articles of incorporation provide that a director may only be
removed for cause by the affirmative vote of at least a majority of the shares
of SFSB entitled to vote generally in an election of directors cast at a meeting
of stockholders called for that purpose.
Restrictions on Call of Special Meetings. The articles of incorporation
of SFSB provide that a special meeting of stockholders may be called only
pursuant to a resolution adopted by a majority of the board of directors.
Absence of Cumulative Voting. SFSB's articles of incorporation provide
that stockholders may not cumulate their votes in the election of directors.
Authorized Shares. The articles of incorporation authorizes the
issuance of 4,000,000 shares of common stock and 1,000,000 shares of preferred
stock. The shares of common stock and preferred stock were authorized in an
amount greater than that to be issued in the conversion to provide SFSB's board
of directors with as much flexibility as possible to effect, among other
transactions, financings, acquisitions, stock dividends, stock splits and the
exercise of stock options. However, these additional authorized shares may also
be used by the board of directors consistent with its fiduciary duty to deter
future attempts to gain control of SFSB. The board of directors also has sole
authority to determine the terms of any one or more series of Preferred Stock,
including voting rights, conversion rates, and liquidation preferences. As a
result of the ability to fix voting rights for a series of Preferred Stock, the
board has the power, to the extent consistent with its fiduciary duty, to issue
a series of Preferred Stock to persons friendly to management in order to
attempt to block a post-tender offer merger or other transaction by which a
third party seeks control, and thereby assist management to retain its position.
Procedures for Certain Business Combinations. The articles of
incorporation require the affirmative vote of at least 80% of the outstanding
shares of SFSB entitled to vote in the election of directors in order for SFSB
to engage in or enter into certain "Business Combinations," as defined therein,
with any Principal Shareholder (as defined below) or any affiliates of the
Principal Shareholder, unless the proposed transaction has been approved in
advance by SFSB's board of directors, excluding those who were not directors
prior to the time the Principal Shareholder became the Principal Shareholder.
The term "Principal Shareholder" is defined to include any person and the
affiliates and associates of the person (other than SFSB or its subsidiary) who
beneficially owns, directly or indirectly, 20% or more of the
64
<PAGE>
outstanding shares of voting stock of SFSB. Any amendment to this provision
requires the affirmative vote of at least 80% of the shares of SFSB entitled to
vote generally in an election of directors.
Amendment to Articles of Incorporation and Bylaws. Amendments to SFSB's
articles of incorporation must be approved by SFSB's board of directors and also
by a majority of the outstanding shares of SFSB's voting stock, provided,
however, that approval by at least 80% of the outstanding voting stock is
generally required for certain provisions (i.e., provisions relating to
restrictions on the acquisition and voting of greater than 10% of the common
stock; number, classification, election and removal of directors; amendment of
bylaws; call of special stockholder meetings; director liability; certain
business combinations; power of indemnification; and amendments to provisions
relating to the foregoing in the articles of incorporation).
The bylaws may be amended by a majority vote of the board of directors
or the affirmative vote of the holders of at least 80% of the outstanding shares
of SFSB entitled to vote in the election of directors cast at a meeting called
for that purpose.
Benefit Plans. In addition to the provisions of SFSB's articles of
incorporation and bylaws described above, certain benefit plans of ours adopted
in connection with the conversion contain provisions which also may discourage
hostile takeover attempts which the boards of directors might conclude are not
in the best interests for us or our stockholders. For a description of the
benefit plans and the provisions of such plans relating to changes in control,
see "Management of Stanton Federal Savings Bank -- Proposed Future Stock Benefit
Plans."
Regulatory Restrictions. A federal regulation prohibits any person
prior to the completion of a conversion from transferring, or entering into any
agreement or understanding to transfer, the legal or beneficial ownership of the
subscription rights issued under a plan of conversion or the stock to be issued
upon their exercise. This regulation also prohibits any person prior to the
completion of a conversion from offering, or making an announcement of an offer
or intent to make an offer, to purchase such subscription rights or stock. For
three years following conversion, OTS regulations prohibit any person, without
the prior approval of the OTS, from acquiring or making an offer to acquire more
than 10% of the stock of any converted savings institution if such person is, or
after consummation of such acquisition would be, the beneficial owner of more
than 10% of such stock. In the event that any person, directly or indirectly,
violates this regulation, the securities beneficially owned by such person in
excess of 10% shall not be counted as shares entitled to vote and shall not be
voted by any person or counted as voting shares in connection with any matter
submitted to a vote of stockholders.
Federal regulations require that, prior to obtaining control of an
insured institution, a person, other than a company, must give 60 days notice to
the OTS and have received no OTS objection to such acquisition of control, and a
company must apply for and receive OTS approval of the acquisition. Control,
involves a 25% voting stock test, control in any manner of the election of a
majority of the institution's directors, or a determination by the OTS that the
acquiror has the power to direct, or directly or indirectly to exercise a
controlling influence over, the management or policies of the institution.
Acquisition of more than 10% of an institution's voting stock, if the acquiror
also is subject to any one of either "control factors," constitutes a rebuttable
determination of control under the regulations. The determination of control may
be rebutted by submission to the OTS, prior to the acquisition of stock or the
occurrence of any other circumstances giving rise to such determination, of a
statement setting forth facts and circumstances which would support a finding
that no control relationship will exist and containing certain undertakings. The
regulations provide that persons or companies which acquire beneficial ownership
exceeding 10% or more of any class of a savings association's stock after the
effective date of the regulations must file with the OTS a certification that
the holder is not in control of such institution, is not subject to a rebuttable
65
<PAGE>
determination of control and will take no action which would result in a
determination or rebuttable determination of control without prior notice to or
approval of the OTS, as applicable.
DESCRIPTION OF CAPITAL STOCK
SFSB is authorized to issue 4,000,000 shares of the common stock, $0.10
par value per share, and 1,000,000 shares of serial preferred stock, no par
value per share. SFSB currently expects to issue up to 727,375 shares of common
stock in the conversion. SFSB does not intend to issue any shares of serial
preferred stock in the conversion, nor are there any present plans to issue such
preferred stock following the conversion. The aggregate par value of the issued
shares will constitute the capital account of SFSB. The balance of the purchase
price will be recorded for accounting purposes as additional paid-in capital.
See "Capitalization." The capital stock of SFSB will represent nonwithdrawable
capital and will not be insured by us, the FDIC, or any other government agency.
Common Stock
Voting Rights. Each share of the common stock will have the same
relative rights and will be identical in all respects with every other share of
the common stock. The holders of the common stock will possess exclusive voting
rights in SFSB, except to the extent that shares of serial preferred stock
issued in the future may have voting rights, if any. Each holder of the common
stock will be entitled to only one vote for each share held of record on all
matters submitted to a vote of holders of the common stock and will not be
permitted to cumulate their votes in the election of SFSB's directors.
Liquidation. In the unlikely event of the complete liquidation or
dissolution of SFSB, the holders of the common stock will be entitled to receive
all assets of SFSB available for distribution in cash or in kind, after payment
or provision for payment of (i) all debts and liabilities of SFSB; (ii) any
accrued dividend claims; and (iii) liquidation preferences of any serial
preferred stock which may be issued in the future.
Restrictions on Acquisition of the Common Stock. See "Certain
Restrictions on Acquisition of SFSB" for a discussion of the limitations on
acquisition of shares of the common stock.
Other Characteristics. Holders of the common stock will not have
preemptive rights with respect to any additional shares of the common stock
which may be issued. Therefore, the board of directors may sell shares of
capital stock of SFSB without first offering such shares to existing
stockholders of SFSB. The common stock is not subject to call for redemption,
and the outstanding shares of common stock when issued and upon receipt by SFSB
of the full purchase price therefor will be fully paid and non-assessable.
Issuance of Additional Shares. Except in the Subscription and Public
Offerings and possibly pursuant to the RSP or Option Plan, the SFSB has no
present plans, proposals, arrangements or understandings to issue additional
authorized shares of the common stock. In the future, the authorized but
unissued and unreserved shares of the common stock will be available for general
corporate purposes, including, but not limited to, possible issuance: (i) as
stock dividends; (ii) in connection with mergers or acquisitions; (iii) under a
cash dividend reinvestment or stock purchase plan; (iv) in a public or private
offering; or (v) under employee benefit plans. See "Risk Factors -- Possible
Dilutive Effect of RSP and Stock Options" and "Pro Forma Data." Normally no
stockholder approval would be required for the issuance of these shares, except
as described herein or as otherwise required to approve a transaction in which
additional authorized shares of the common stock are to be issued.
For additional information, see "Dividends," "Regulation" and
"Taxation" with respect to restrictions on the payment of cash dividends; "The
Conversion -- Restrictions on Sales and Purchases of Shares by
66
<PAGE>
Directors and Officers" relating to certain restrictions on the transferability
of shares purchased by directors and officers; and "Restrictions on Acquisitions
of SFSB Holding Company" for information regarding restrictions on acquiring
common stock of SFSB.
Serial Preferred Stock
None of the 1,000,000 authorized shares of serial preferred stock of
SFSB will be issued in the conversion. After the conversion is completed, the
board of directors of SFSB will be authorized to issue serial preferred stock
and to fix and state voting powers, designations, preferences or other special
rights of such shares and the qualifications, limitations and restrictions
thereof, subject to regulatory approval but without stockholder approval. If and
when issued, the serial preferred stock is likely to rank prior to the common
stock as to dividend rights, liquidation preferences, or both, and may have full
or limited voting rights. The board of directors, without stockholder approval,
can issue serial preferred stock with voting and conversion rights which could
adversely affect the voting power of the holders of the common stock. The board
of directors has no present intention to issue any of the serial preferred
stock.
LEGAL AND TAX MATTERS
The legality of the common stock has been passed upon for us by
Malizia, Spidi, Sloane & Fisch, P.C., Washington, D.C. Certain legal matters for
Ryan, Beck & Co., Inc. may be passed upon by Tucker Arensburg, P.C.. The federal
and state income tax consequences of the conversion have been passed upon for us
by Malizia, Spidi, Sloane & Fisch, P.C., Washington, D.C.
EXPERTS
The financial statements of Stanton Federal Savings Bank as of and
for the years ended December 31, 1996 and 1995 appearing in this document have
been audited by LaFrance, Walker, Jackley & Saville, independent certified
public accountants, as set forth in their report which appears elsewhere in this
document, and is included in reliance upon such report given upon the authority
of such firm as experts in accounting and auditing.
FinPro has consented to the publication herein of a summary of its
letters to Stanton Federal Savings Bank setting forth its opinion as to the
estimated pro forma market value of us in the converted form and its opinion
setting forth the value of subscription rights and to the use of its name and
statements with respect to it appearing in this document.
REGISTRATION REQUIREMENTS
The common stock of SFSB will be registered pursuant to Section 12(g)
of the Securities Exchange Act of 1934, as amended (the "Exchange Act") prior to
completion of the conversion. SFSB will be subject to the information, proxy
solicitation, insider trading restrictions, tender offer rules, periodic
reporting and other requirements of the SEC under the Exchange Act. SFSB may not
deregister the common stock under the Exchange Act for a period of at least
three years following the conversion.
67
<PAGE>
WHERE YOU CAN FIND ADDITIONAL INFORMATION
SFSB and Stanton Federal Savings Bank are not currently subject to the
informational requirements of the Exchange Act.
SFSB has filed with the SEC a registration statement on Form SB-2 under
the Securities Act of 1933, as amended, with respect to the common stock offered
in this document. As permitted by the rules and regulations of the SEC, this
document does not contain all the information set forth in the registration
statement. Such information can be examined without charge at the public
reference facilities of the SEC located at 450 Fifth Street, N.W., Washington,
D.C. 20549, and copies of such material can be obtained from the SEC at
prescribed rates. The SEC also maintains an internet address ("Web site") that
contains reports, proxy and information statements and other information
regarding registrants, including the Company, that file electronically with the
SEC. The address for this Web site is "http://www.sec.gov." The statements
contained in this document as to the contents of any contract or other document
filed as an exhibit to the Form SB-2 are, of necessity, brief descriptions and
are not necessarily complete; each such statement is qualified by reference to
such contract or document.
Stanton Federal Savings Bank has filed an Application for conversion
with the OTS with respect to the conversion. Pursuant to the rules and
regulations of the OTS, this document omits certain information contained in
that Application. The Application may be examined at the principal office of the
OTS, 1700 G Street, N.W., Washington, D.C. 20552 and at the Northeast Regional
Office of the OTS, 10 Exchange Place, Jersey City, New Jersey 07302, without
charge.
A copy of the Articles of Incorporation and the Bylaws of SFSB are
available without charge from Stanton Federal Savings Bank.
68
<PAGE>
Stanton Federal Savings Bank
Index to Financial Statements
Page
Independent Auditors' Report...............................................F-2
Balance Sheets.............................................................F-3
Statement of Income....................................................... 26
Statement of Changes in Retained Earnings..................................F-4
Statement of Cash Flows....................................................F-5
Notes to Financial Statements............................................F-^ 7
All schedules are omitted because the required information is either not
applicable or is included in the financial statements or related notes.
Separate financial statements for SFSB have not been included since it will not
engage in material transactions until after the conversion. SFSB, which has been
inactive to date, has no significant assets, liabilities, revenues, expenses or
contingent liabilities.
F-1
<PAGE>
LaFrance, Walker, Jackley & Saville
CERTIFIED PUBLIC ACCOUNTANTS
1373 WASHINGTON PIKE
BRIDGEVILLE, PA 15017-2821
SERVICE IN
TELE: (412) 200-5000 PRINCIPAL CITIES OF
FAX: (412) 220-7050 THE UNITED STATES AND
OTHER COUNTRIES
REPORT OF INDEPENDENT AUDITORS
------------------------------
Board of Directors
Stanton Federal Savings Bank
We have audited the accompanying balance sheet of Stanton Federal Savings Bank
as of December 31, 1996 and 1995, and the related statements of income, retained
earnings, and cash flows for the years then ended. These financial statements
are the responsibility of the Bank's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the balance sheet of Stanton Federal Savings Bank, as of
December 31, 1996 and 1995, and the results of their operations and their cash
flows for the years then ended in conformity with generally accepted accounting
principles.
As discussed in the notes to the financial statements, effective January 1,
1995, the Bank changed its method of accounting for the impairment of loans and
the related allowance for loan losses.
/s/LaFrance, Walker, Jackley & Saville
Bridgeville, PA
March 6, 1997, except for the
first paragraph of Note 16
as to which date is September 30, 1997
F-2
<PAGE>
STANTON FEDERAL SAVINGS BANK
BALANCE SHEET
<TABLE>
<CAPTION>
September 30, December 31,
---------------- ---------------- ----------------
1997 1996 1995
(Unaudited)
<S> <C> <C> <C>
ASSETS
Cash and due from banks $ 1,321,349 $ 770,715 $ 253,452
Interest-bearing ^overnight deposits with other banks ^4,627,998 ^3,607,995 ^3,352,197
---------------- ---------------- ----------------
Cash and cash equivalents ^5,949,347 ^4,378,710 ^3,605,649
---------------- ---------------- ----------------
Certificates of deposits with other banks ^2,936,349 ^2,844,900 ^2,173,638
Investment securities available for sale 1,408,229 1,244,753 742,243
Investment securities held to maturity (market
value of $5,118,005, $4,268,173 and $4,008,600) 5,059,392 4,283,449 3,988,300
Mortgage-backed securities available for sale 53,197 53,791 89,535
Mortgage-backed securities held to maturity (market
value of $8,584,674, $7,402,651 and
$8,047,081) 8,472,389 7,457,415 7,991,446
Loans receivable (net of allowance for loan losses of
$104,951, $40,951 and $40,013) 11,657,657 10,864,801 9,579,231
Accrued interest receivable 259,615 225,714 213,430
Premises and equipment 1,617,570 1,664,306 752,374
Federal Home Loan Bank stock 171,700 161,800 153,500
Other assets 224,152 117,238 64,736
---------------- ---------------- ----------------
TOTAL ASSETS $ 37,809,597 $ 33,296,877 $ 29,354,082
================ ================ ================
^Commitments and contingencies
LIABILITIES
Deposits $ 33,884,171 $ 29,318,964 $ 25,418,128
Advances by borrowers for taxes and insurance 66,531 125,711 131,812
Accrued interest payable and other liabilities 378,782 282,073 179,771
---------------- ---------------- ----------------
TOTAL LIABILITIES 34,329,484 29,726,748 25,729,711
---------------- ---------------- ----------------
RETAINED EARNINGS
Retained earnings-substantially restricted 3,118,707 3,301,992 3,348,263
Net unrealized gain on securities available for sale 361,406 268,137 276,108
---------------- ---------------- ----------------
TOTAL RETAINED EARNINGS 3,480,113 3,570,129 3,624,371
---------------- ---------------- ----------------
TOTAL LIABILITIES AND
RETAINED EARNINGS $ 37,809,597 $ 33,296,877 $ 29,354,082
================ ================ ================
</TABLE>
See accompanying notes to the financial statements.
F-3
<PAGE>
STANTON FEDERAL SAVINGS BANK
STATEMENT OF RETAINED EARNINGS
<TABLE>
<CAPTION>
Net Unrealized
Gain (Loss)
on Securities
Retained ^Available for
Earnings Sale Total
---------------- ---------------- ----------------
<S> <C> <C> <C>
Balance, December 31, 1994 $ 3,185,188 $ 192,746 $ 3,377,934
Net income 163,075 163,075
Net unrealized gain on securities 83,362 83,362
---------------- ---------------- ----------------
Balance, December 31, 1995 3,348,263 276,108 3,624,371
Net loss (46,271) (46,271)
Net unrealized loss on securities (7,971) (7,971)
---------------- ---------------- ----------------
Balance, December 31, 1996 3,301,992 268,137 3,570,129
Net loss (unaudited) (183,285) (183,285)
Net unrealized gain on securities 93,269 93,269
---------------- ---------------- ----------------
Balance, September 30, 1997
(unaudited) $ 3,118,707 $ 361,406 $ 3,480,113
================ ================ ================
</TABLE>
See acompanying notes to the financial statements.
F-4
<PAGE>
STANTON FEDERAL SAVINGS BANK
STATEMENT OF CASH FLOWS
<TABLE>
<CAPTION>
Nine Months Ended September 30, Year Ended December 31,
1997 1996 1996 1995
---------------- ---------------- ---------------- ----------------
(Unaudited)
<S> <C> <C> <C> <C>
OPERATING ACTIVITIES
Net income (loss) $ (183,285) $ 10,324 $ (46,271) $ 163,075
Adjustments to reconcile net income to
net cash provided by operating
activities:
Provision for loan losses 39,000 9,000 36,500 21,000
Depreciation and amortization 91,125 18,900 58,203 23,357
Net securities gains - (124,468) (124,468) -
Deferred income taxes (50,233) 10,363 789 (3,544)
^Decrease (increase) in accrued interest
receivable (33,901) 52,891 (12,284) 38,598
Other, net (2,316) 248,360 55,759 (62,651)
---------------- ---------------- ---------------- ----------------
Net cash provided by (used for)
operating activities (139,610) 225,370 (31,772) 179,835
---------------- ---------------- ---------------- ----------------
INVESTING ACTIVITIES
Decrease (increase) in certificates
of deposits (86,772) (11,069) (668,453) 1,509,044
Investment securities available for sale:
Purchases (24,401) (522,269) (525,018) -
Proceeds from sales - 130,333 130,333 -
Maturities and repayments 2,305 3,278 3,998 3,727
Investment securities held to maturity:
Purchases (2,346,537) - (700,000) (624,856)
Maturities and repayments 1,571,749 269,819 405,240 790,472
Mortgage-backed securities available for sale:
Maturities and repayments 532 36,617 36,795 91,422
Mortgage-backed securities held to
maturity:
Purchases (2,665,318) (1,094,529) (1,094,529) (1,271,781)
Maturities and repayments 1,638,807 1,322,676 1,622,237 978,042
Net increase in loans
receivable (831,856) (268,219) (1,322,070) (775,891)
Purchase of Federal Home Loan
Bank stock (9,900) (8,300) (8,300) (5,200)
Purchase of premises and
equipment, net (44,389) (941,268) (970,135) (522,182)
---------------- ---------------- ---------------- ----------------
Net cash provided by (used for)
investing activities (2,795,780) (1,082,931) (3,089,902) 172,797
---------------- ---------------- ---------------- ----------------
</TABLE>
See accompanying notes to the financial statements.
F-5
<PAGE>
STANTON FEDERAL SAVINGS BANK
STATEMENT OF CASH FLOWS (Continued)
<TABLE>
<CAPTION>
Nine Months Ended September 30, Year Ended December 31,
1997 1996 1996 1995
---------------- ---------------- ---------------- ----------------
(Unaudited)
<S> <C> <C> <C> <C>
FINANCING ACTIVITIES
Net increase in deposits $ 4,565,207 $ 782,625 $ 3,900,836 $ 995,066
Net decrease in advances by borrowers
for taxes and insurance (59,180) (63,290) (6,101) (22,291)
---------------- ---------------- ---------------- ----------------
Net cash provided by
financing activities 4,506,027 719,335 3,894,735 972,775
---------------- ---------------- ---------------- ----------------
Increase (decrease) in cash and cash
equivalents 1,570,637 (138,226) 773,061 1,325,407
CASH AND CASH EQUIVALENTS
AT BEGINNING OF PERIOD 4,378,710 3,605,649 3,605,649 2,280,242
---------------- ---------------- ---------------- ----------------
CASH AND CASH EQUIVALENTS
AT END OF PERIOD $ 5,949,347 $ 3,467,423 $ 4,378,710 $ 3,605,649
================ ================ ================ ================
SUPPLEMENTAL CASH FLOW DISCLOSURE
Cash paid during the year for:
Interest on deposits and
borrowings $ 1,057,984 $ 829,382 $ 1,135,755 $ 1,066,980
Income taxes - 19,389 19,389 75,332
Non-cash items:
Loans transferred to real estate
owned - - - 22,010
</TABLE>
See accompanying notes to the financial statements.
F-6
<PAGE>
STANTON FEDERAL SAVINGS BANK
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1996 AND 1995
(ALL DATA RELATED TO SEPTEMBER 30, 1997 AND THE NINE MONTHS ENDED
SEPTEMBER 30, 1997 AND 1996 ARE UNAUDITED)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Stanton Federal Savings Bank (the "Bank") is a federally
chartered mutual savings bank located in Pittsburgh,
Pennsylvania. The Bank's principal sources of revenue emanate
from its investment, mortgage-backed securities, and mortgage
loan portfolios. The Bank is supervised by the Office of Thrift
Supervision.
Basis of Presentation
---------------------
The accounting policies followed by the Bank and the methods of
applying these principles conform with generally accepted
accounting principles and with general practice within the
banking industry. In preparing the financial statements,
management is required to make estimates and assumptions that
affect the reported amounts of assets and liabilities as of the
date of the balance sheet and revenues and expenses for the
period. Actual results could differ significantly from those
estimates.
The balance sheet as of September 30, 1997 and the related
statement of income, changes in retained earnings and cash flows
for the nine months ended September 30, 1997 and the related
statement of income and cash flows for the nine months ended
September 30, 1996 are unaudited and have been prepared in
accordance with the requirements for a presentation of interim
financial statements and are in accordance with generally
accepted accounting principles. In the opinion of management all
adjustments consisting of normal recurring adjustments that are
necessary for a fair presentation of the periods have been
reflected.
A summary of significant accounting and reporting policies
applied in the presentation of the accompanying financial
statements follows:
Investment Securities Including Mortgage-Backed Securities
----------------------------------------------------------
Debt securities, including mortgage-backed securities, acquired
with the intent and ability to hold to maturity are stated at
cost and adjusted for amortization of premium and accretion of
discount, which are computed using a level yield method and are
recognized as adjustments of interest income. Certain other debt
and equity securities have been classified as available for sale
to serve principally as a source of liquidity. Unrealized holding
gains and losses for available for sale securities are reported
as a separate component of retained earnings, net of tax, until
realized. Realized securities gains and losses are computed using
the specific identification method. Interest and dividends on
investment securities are recognized as income when earned.
Common stock of the Federal Home Loan Bank (the "FHLB")
represents ownership in an institution which is wholly-owned by
other financial institutions. This equity security is accounted
for at cost and reported separately on the accompanying statement
of financial condition.
Loans Receivable
----------------
Loans receivable are stated at their unpaid principal amounts net
of any unearned income. Interest on loans is credited to income
as earned. Interest accrued on loans more than 90 days delinquent
is generally offset by a reserve for uncollected interest and is
not recognized as income.
F-7
<PAGE>
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Loans Receivable (Continued)
The accrual of interest is generally discontinued when the
contractual payment of principal and interest has become 90 days
past due or management has serious doubts about further
collectibility of principal or interest even though the loan is
currently performing. A loan may remain on accrual status if it
is in the process of collection and is either guaranteed or well
secured. When a loan is placed on nonaccrual status unpaid
interest is credited to income. Interest received on nonaccrual
loans is either applied to principal or reported as interest
income, according to management's judgment as to the
collectibility of principal.
Loan Origination Fees
---------------------
Loan origination and commitment fees and certain direct loan
origination costs are being deferred and the net amount amortized
as an adjustment of the related loan's yield. The Bank is
amortizing these amounts over the contractual life of the related
loans ^using the interest method.
Allowance for Loan Losses
-------------------------
Effective January 1, 1995, the Bank adopted Statement of
Financial Accounting Standards No. 114, "Accounting by Creditors
for Impairment of a Loan," as amended by Statement No. 118. Under
this Standard, the Bank estimates credit losses on impaired loans
based on the present value of expected cash flows or fair value
of the underlying collateral if the loan repayment is expected to
come from the sale or operation of such collateral. Prior to
1995, the credit losses related to these loans were estimated
based on undiscounted cash flows or the fair value of the
underlying collateral. Statement 118 amends Statement 114 to
permit a creditor to use existing methods for recognizing
interest income on impaired loans eliminating the income
recognition provisions of Statement 114. The adoption of these
statements did not have a material effect on the Bank's financial
position or results of operation.
Impaired loans are commercial and commercial real estate loans
for which it is probable that the Bank will not be able to
collect all amounts due according to the contractual terms of the
loan agreement. The Bank individually evaluates such loans for
impairment and does not aggregate loans by major risk
classifications. The definition of "impaired loans" is not the
same as the definition of "nonaccrual loans," although the two
categories overlap. The Bank may choose to place a loan on
nonaccrual status due to payment delinquency or uncertain
collectibility, while not classifying the loan as impaired if the
loan is not a commercial or commercial real estate loan. Factors
considered by management in determining impairment include
payment status and collateral value. The amount of impairment for
these types of impaired loans is determined by the difference
between the present value of the expected cash flows related to
the loan, using the original interest rate, and its recorded
value, or, as a practical expedient in the case of collateralized
loans, the difference between the fair value of the collateral
and the recorded amount of the loans. When foreclosure is
probable, impairment is measured based on the fair value of the
collateral.
Mortgage loans on one-to-four family properties and all consumer
loans are large groups of smaller balance homogeneous loans and
are measured for impairment collectively. Loans that experience
insignificant payment delays, which are defined as 90 days or
less, generally are not classified as impaired. Management
determines the significance of payment delays on a case-by-case
basis, taking into consideration all of the circumstances
surrounding the loan and the borrower, including the length of
the delay, the borrower's prior payment record, and the amount of
shortfall in relation to the principal and interest owed.
F-8
<PAGE>
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
^Allowance for Loan Losses (Continued)
The allowance for loan losses represents the amount which
management estimates is adequate to provide for ^ losses in its
loan portfolio. The allowance method is used in providing for
loan losses. Accordingly, all loan losses are charged to the
allowance and all recoveries are credited to it. The allowance
for loan losses is established through a provision for loan
losses charged to operations. The provision for loan losses is
based on management's periodic evaluation of individual loans,
economic factors, past loan loss experience, changes in the
composition and volume of the portfolio, and other relevant
factors. The estimates used in determining the adequacy of the
allowance for loan losses, including the amounts and timing of
future cash flows expected on impaired loans, are particularly
susceptible to changes in the near term.
Premises and Equipment
----------------------
Premises and equipment are stated at cost less accumulated
depreciation. Depreciation is calculated using straight-line and
accelerated methods over the useful lives of the related assets.
Expenditures for maintenance and repairs are charged to
operations as incurred. Costs of major additions and improvements
are capitalized.
Real Estate Owned
-----------------
Real estate owned, acquired in settlement of foreclosed loans, is
carried at the lower of cost or fair value minus estimated cost
to sell. Valuation allowances for estimated losses are provided
when the carrying value exceeds the fair value. Direct costs
incurred on such properties are recorded as expenses of current
operations.
Federal Income Taxes
--------------------
Deferred tax assets or liabilities are computed based on the
difference between the financial statement and income tax basis
of assets and liabilities using the enacted marginal tax rates.
Deferred income tax expenses or benefits are based on the changes
in the deferred tax asset or liability from period to period.
Cash and Cash Equivalents
-------------------------
The Bank has defined cash and cash equivalents as those cash and
due from banks and overnight deposits with the FHLB.
Reclassification of Comparative Amounts
---------------------------------------
Certain comparative account balances for prior periods have been
reclassified to conform to the current period classifications.
Such reclassifications did not effect net income.
Recent Accounting Pronouncements
--------------------------------
In June 1996, the Financial Accounting Standards Board ("the
FASB") issued Statement of Financial Accounting Standards No.
125, "Accounting for Transfers and Servicing of Financial Assets
and Extinguishment of Liabilities," which provides accounting and
reporting standards for transfers and servicing of financial
assets and extinguishment of liabilities. This statement applies
prospectively in fiscal years beginning after December 31, 1996,
and establishes new standards that focus on control whereas,
after a transfer of financial assets, an entity recognizes the
financial and servicing assets it controls and the liabilities it
has incurred, derecognizes financial assets when control has been
surrendered, and derecognizes liabilities when extinguished. The
adoption of Statement 125 did not have a material impact on the
Bank's results of operations or financial position at or for the
nine months ended September 30, 1997.
F-9
<PAGE>
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Recent Accounting Pronouncements (Continued)
--------------------------------------------
In December 1996, the FASB issued Statement of Financial
Accounting Standards No. 127, "Deferral of the Effective Date of
Certain Provisions of FASB Statement No. 125." Statement 127
defers for one year the effective date of portions of Statement
125 that address secured borrowings and collateral for all
transactions. Additionally, Statement 127 defers for one year the
effective date of transfers of financial assets that are part of
repurchase agreements, securities lending and similar
transactions. The Bank does not expect adoption of Statement 127
to have a material impact on the Bank's results of operations or
financial position.
In July 1997 the Financial Accounting Standards Board issued
Statement of Financial Accounting Standards No. 130, "Reporting
Comprehensive Income." Statement No. 130 is effective for fiscal
years beginning after December 15, 1997. This statement
establishes standards for reporting and presentation of
comprehensive income and its components (revenues, expenses,
gains and losses) in a full set of general purpose financial
statements. It requires that all items that are required to be
recognized under accounting standards as components of
comprehensive income be reported in a financial statement that is
presented with the same prominence as other financial statements.
Statement No. 130 requires that companies (i) classify items of
other comprehensive income by their nature in a financial
statement and (ii) display the accumulated balance of other
comprehensive income separately from retained earnings and
additional paid-in capital in the equity section of the statement
of financial condition. Reclassification of financial statements
for earlier periods provided for comprehensive purposes is
required.
2. INVESTMENT SECURITIES
<TABLE>
<CAPTION>
September 30, 1997
----------------------------------------------------------------------
Gross Gross Estimated
Amortized Unrealized Unrealized Market
Cost Gains Losses Value
---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Available for Sale
Mutual funds $ 843,428 $ 744 $ (60,291) $ 783,881
FHLMC common stock 17,353 606,995 - 624,348
---------------- ---------------- ---------------- ----------------
Total $ 860,781 $ 607,739 $ (60,291) $ 1,408,229
================ ================ ================ ================
Held to Maturity
Securities of U.S. Government
agencies $ 3,255,999 $ 9,451 $ (17,021) $ 3,248,429
Obligations of state and political
subdivisions 1,803,393 66,377 (194) 1,869,576
---------------- ---------------- ---------------- ----------------
Total $ 5,059,392 $ 75,828 $ (17,215) $ 5,118,005
================ ================ ================ ================
</TABLE>
F-10
<PAGE>
2. INVESTMENT SECURITIES (Continued)
<TABLE>
<CAPTION>
December 31, 1996
----------------------------------------------------------------------
Gross Gross Estimated
Amortized Unrealized Unrealized Market
Cost Gains Losses Value
---------------- ---------------- ---------------- ----------------
Available for Sale
<S> <C> <C> <C> <C>
Mutual funds $ 821,332 $ - $ (65,319) $ 756,013
FHLMC common stock 17,353 471,387 - 488,740
---------------- ---------------- ---------------- ----------------
Total $ 838,685 $ 471,387 $ (65,319) $ 1,244,753
================ ================ ================ ================
Held to Maturity
Securities of U.S. Government
agencies $ 2,678,012 $ - $ (34,444) $ 2,643,568
Obligations of state and political
subdivisions 1,605,437 47,474 (28,306) 1,624,605
---------------- ---------------- ---------------- ----------------
Total $ 4,283,449 $ 47,474 $ (62,750) $ 4,268,173
================ ================ ================ ================
</TABLE>
<TABLE>
<CAPTION>
December 31, 1995
----------------------------------------------------------------------
Gross Gross Estimated
Amortized Unrealized Unrealized Market
Cost Gains Losses Value
---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Available for Sale
Mutual funds $ 300,314 $ - $ (53,059) $ 247,255
FHLMC common stock 23,218 471,770 - 494,988
---------------- ---------------- ---------------- ----------------
Total $ 323,532 $ 471,770 $ (53,059) $ 742,243
================ ================ ================ ================
Held to Maturity
Securities of U.S. Government
agencies $ 2,384,165 $ 5,473 $ (38,099) $ 2,351,539
Obligations of state and political
subdivisions 1,604,135 60,341 (7,415) 1,657,061
---------------- ---------------- ---------------- ----------------
Total $ 3,988,300 $ 65,814 $ (45,514) $ 4,008,600
================ ================ ================ ================
</TABLE>
F-11
<PAGE>
2. INVESTMENT SECURITIES (Continued)
The amortized cost and estimated market value of investments in
debt securities by contractual maturity are shown below.
<TABLE>
<CAPTION>
September 30, 1997 December 31, 1996
Held to Maturity Held to Maturity
Estimated Estimated
----------------------------------------------------------------------
Amortized Market Amortized Market
Cost Value Cost Value
---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Due within one year $ 550,000 $ 548,736 $ 100,000 $ 100,000
Due after one year through
five years 2,117,804 2,121,172 2,916,318 2,868,433
Due after five years through
ten years 761,619 802,101 889,123 923,613
Due after ten years 1,629,969 1,645,996 378,008 376,127
---------------- ---------------- ---------------- ----------------
Total $ 5,059,392 $ 5,118,005 $ 4,283,449 $ 4,268,173
================ ================ ================ ================
</TABLE>
Proceeds from sales of investment securities available for sale
and gross gains and losses realized on those sales were as
follows:
<TABLE>
<CAPTION>
Nine Months Ended September 30, Year Ended December 31,
1997 1996 1996 1995
-------------- ---------------- ---------------- --------------
<S> <C> <C> <C> <C>
Proceeds from sales $ - $ 130,333 $ 130,333 $ -
Gross gains - 124,468 124,468 -
Gross losses - - - -
</TABLE>
3. MORTGAGE-BACKED SECURITIES
<TABLE>
<CAPTION>
September 30, 1997
----------------------------------------------------------------------
Gross Gross Estimated
Amortized Unrealized Unrealized Market
Cost Gains Losses Value
---------------- ---------------- --------------- ----------------
<S> <C> <C> <C> <C>
Available for Sale
FNMA $ 53,059 $ 138 $ - $ 53,197
---------------- ---------------- --------------- ----------------
Total $ 53,059 $ 138 $ - $ 53,197
================ ================ =============== ================
Held to Maturity
Government National
Mortgage Association $ 4,044,025 $ 93,861 $ (25,181) $ 4,112,705
Federal Home Loan
Mortgage Corporation 3,467,099 40,888 (12,583) 3,495,404
Federal National Mortgage
Association 961,265 15,300 - 976,565
---------------- ---------------- --------------- ---------------
Total $ 8,472,389 $ 150,049 $ (37,764) $ 8,584,674
================ ================ ================ ================
</TABLE>
F-12
<PAGE>
3. MORTGAGE-BACKED SECURITIES (Continued)
<TABLE>
<CAPTION>
December 31, 1996
----------------------------------------------------------------------
Gross Gross Estimated
Amortized Unrealized Unrealized Market
Cost Gains Losses Value
---------------- ---------------- ---------------- ----------------
Available for Sale
<S> <C> <C> <C> <C>
FNMA $ 53,589 $ 202 $ - $ 53,791
---------------- ---------------- ---------------- ----------------
Total $ 53,589 $ 202 $ 0 $ 53,791
================ ================ ================ ================
Held to Maturity
Government National
Mortgage Association $ 4,130,286 $ 34,324 $ (84,994) $ 4,079,616
Federal Home Loan
Mortgage Corporation 2,725,306 25,342 (29,136) 2,721,512
Federal National Mortgage
Association 601,823 1,601 (1,901) 601,523
---------------- ---------------- ---------------- ----------------
Total $ 7,457,415 $ 61,267 $ (116,031) $ 7,402,651
================ ================ ================ ================
</TABLE>
<TABLE>
<CAPTION>
December 31, 1995
----------------------------------------------------------------------
Gross Gross Estimated
Amortized Unrealized Unrealized Market
Cost Gains Losses Value
---------------- ---------------- -------------- ----------------
<S> <C> <C> <C> <C>
Available for Sale
FNMA $ 54,269 $ 117 $ - $ 54,386
Collateralized mortgage
obligations 35,632 - (483) 35,149
---------------- ---------------- ---------------- ----------------
Total $ 89,901 $ 117 $ (483) $ 89,535
================ ================ ================ ================
Held to Maturity
Government National
Mortgage Ass $ 4,388,626 $ 88,739 $ (32,392) $ 4,444,973
Federal Home Loan
Mortgage Corporation 3,450,333 33,704 (39,189) 3,444,848
Federal National Mortgage
Association 152,487 5,873 (1,100) 157,260
---------------- ---------------- ---------------- ----------------
Total $ 7,991,446 $ 128,316 $ (72,681) $ 8,047,081
================ ================ ================ ================
</TABLE>
The amortized cost and estimated market value of mortgage-backed
securities by contractual maturity are shown below.
Mortgage-backed securities provide for periodic payments of
principal and interest. Due to expected repayment terms being
significantly less than the underlying mortgage loan pool
contractual maturities, the estimated lives of these securities
could be significantly shorter.
F-13
<PAGE>
3. MORTGAGE-BACKED SECURITIES (Continued)
<TABLE>
<CAPTION>
September 30, 1997
Available for Sale Held to Maturity
-----------------------------------------------------------------------
Estimated Estimated
Amortized Market Amortized Market
Cost Value Cost Value
-------------- -------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Due within one year $ - $ - $ 453,805 $ 448,763
Due after one year through
five years - - 2,496,354 2,496,465
Due after five years through
ten years - - 65,737 67,927
Due after ten years 53,059 53,197 5,456,493 5,571,519
-------------- -------------- ---------------- ----------------
Total $ 53,059 $ 53,197 $ 8,472,389 $ 8,584,674
============== ============== ================ ================
</TABLE>
<TABLE>
<CAPTION>
December 31, 1996
Available for Sale Held to Maturity
---------------------------------------------------------------------
Estimated Estimated
Amortized Market Amortized Market
Cost Value Cost Value
--------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Due within one year $ - $ - $ 348,387 $ 340,842
Due after one year through
five years - - 1,839,235 1,829,778
Due after five years through
ten years - - 74,560 80,035
Due after ten years 53,589 53,791 5,195,233 5,151,997
--------------- ---------------- ---------------- ----------------
Total $ 53,589 $ 53,791 $ 7,457,415 $ 7,402,652
=============== ================ ================ ================
</TABLE>
F-14
<PAGE>
4. LOANS RECEIVABLE
Loans receivable consist of the following:
<TABLE>
<CAPTION>
September 30, December 31,
1997 1996 1995
---------------- ---------------- ----------------
<S> <C> <C> <C>
Mortgage loans:
One to four family $ 7,554,279 $ 7,539,096 $ 6,622,814
Home equity 2,928,898 2,016,854 1,460,215
Multi - family 33,055 68,569 81,258
Commercial 788,941 921,368 1,087,530
---------------- ---------------- ----------------
11,305,173 10,545,887 9,251,817
---------------- ---------------- ----------------
Consumer loans:
Share loans 347,432 328,573 363,769
Other 115,736 70,215 35,005
---------------- ---------------- ----------------
463,168 398,788 398,774
---------------- ---------------- ----------------
Less:
Deferred loan origination costs, net 5,733 13,923 31,347
Allowance for loan losses 104,951 65,951 40,013
---------------- ---------------- ----------------
110,684 79,874 71,360
---------------- ---------------- ----------------
Total $ 11,657,657 $ 10,864,801 $ 9,579,231
================ ================ ================
</TABLE>
The Bank's primary business activity is with customers located
within its local trade area. The repayment of these loans is
dependent upon the local economic conditions in its immediate
trade area.
Activity in the allowance for loan losses is as follows:
<TABLE>
<CAPTION>
Nine Months Ended September 30, Year Ended December 31,
1997 1996 1996 1995
---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Balance, at beginning of
period $ 65,951 $ 40,013 $ 40,013 $ 33,994
Loans charged off - (10,562) (10,562) (14,981)
Recoveries - - - -
---------------- ---------------- ---------------- ----------------
Net loans charged off - (10,562) (10,562) (14,981)
Provision for loan losses 39,000 9,000 36,500 21,000
---------------- ---------------- ---------------- ----------------
Balance, at end of period $ 104,951 $ 38,451 $ 65,951 $ 40,013
================ ================ ================ ================
</TABLE>
The Bank had nonaccrual loans of $61,859, $85,100 and $79,945 at
September 30, 1997, December 31, 1996 and 1995, respectively,
which in management's opinion did not meet the definition of
impaired in accordance with Statement 114. Interest income on
loans would have been increased by $9,177, $7,365 and $3,268,
respectively, if these loans had performed in accordance with
their original terms.
F-15
<PAGE>
4. LOANS RECEIVABLE (Continued)
In the normal course of business, loans are extended to directors
and executive officers and their associates. In management's
opinion, all of these loans are on substantially the same terms
and conditions as loans to other individuals and businesses of
comparable creditworthiness. A summary of loan activity for those
directors, executive officers, and their associates with loan
balances in excess of $60,000 for the nine months ended September
30, 1997 and the year ended December 31, 1996, is as follows:
<TABLE>
<CAPTION>
For the Nine For the Year
Months Ended Ended
September 30, December 31,
1997 1996
---------------- ----------------
<S> <C> <C>
Balance beginning of period $ 380,986 $ 378,232
Additions - 17,000
Repayments (12,534) (14,246)
---------------- ----------------
Balance end of period $ 368,452 $ 380,986
================ ================
</TABLE>
5. ACCRUED INTEREST RECEIVABLE
Accrued interest receivable consists of the following:
<TABLE>
<CAPTION>
September 30, December 31,
1997 1996 1995
---------------- ---------------- ----------------
<S> <C> <C> <C>
Investment securities $ 79,164 $ 59,577 $ 68,266
Mortgage-backed securities 55,216 56,489 51,669
Interest-bearing deposits 43,964 44,008 36,126
Loans receivable 81,271 65,640 57,369
---------------- ---------------- ----------------
Total $ 259,615 $ 225,714 $ 213,430
================ ================ ================
</TABLE>
6. PREMISES AND EQUIPMENT
Premises and equipment consist of the following:
<TABLE>
<CAPTION>
September 30, December 31,
1997 1996 1995
---------------- ---------------- ----------------
<S> <C> <C> <C>
Land and improvements $ 422,181 $ 422,181 $ 93,082
Buildings and improvements 1,075,989 1,074,317 696,998
Furniture and equipment 643,273 600,556 336,839
---------------- ---------------- ----------------
2,141,443 2,097,054 1,126,919
Less accumulated depreciation 523,873 432,748 374,545
---------------- ---------------- ----------------
Total $ 1,617,570 $ 1,664,306 $ 752,374
================ ================ ================
</TABLE>
Depreciation expense for the nine months ended September 30, 1997
and 1996, and the years ended December 31, 1996 and 1995 was
$91,125, $18,900, $58,203, and $23,357, respectively.
F-16
<PAGE>
7. FEDERAL HOME LOAN BANK STOCK
The Bank is a member of the Federal Home Loan Bank System. As a
member, the Bank maintains an investment in the capital stock of
the Federal Home Loan Bank of Pittsburgh, at cost, in an amount
not less than the greater of 1% of its outstanding home loans or
5% of its outstanding notes payable to the Federal Home Loan Bank
of Pittsburgh as calculated at December 31 of each year.
8. DEPOSITS
Comparative details of deposits are as follows:
<TABLE>
<CAPTION>
September 30, December 31,
1997 1996 1995
---------------------------- --------------------------- --------------------
Amount % Amount % Amount %
---------------- -------- --------------- ------- ------- --------
<S> <C> <C> <C> <C> <C> <C>
Non-interest-bearing $ 1,307,867 3.9 % $ 678,870 2.3 % 107,118 0.4 %
---------------- ----- --------------- ------ ----------- -----
Interest-bearing
Savings 9,283,887 27.4 8,829,611 30.1 8,329,693 32.8
NOW checking 1,602,832 4.7 1,075,071 3.7 961,907 3.8
Money market 1,290,294 3.8 1,400,519 4.8 1,471,189 5.8
---------------- ----- --------------- ----- ----------- -----
12,177,013 35.9 11,305,201 38.6 10,762,789 42.4
---------------- ----- --------------- ----- ----------- -----
Time certificates of deposit
2.00 - 3.99% 32,581 0.1 180,745 0.6 130,259 0.5
4.00 - 5.99% 16,353,187 48.2 13,036,968 44.4 10,187,877 40.1
6.00 - 7.99% 3,985,835 11.8 4,091,085 14.0 4,205,982 16.5
8.00 - 9.99% 27,688 0.1 26,095 0.1 24,103 0.1
---------------- ----- --------------- ----- ----------- -----
20,399,291 60.2 17,334,893 59.1 14,548,221 57.2
---------------- ----- --------------- ----- ----------- -----
Total $ 33,884,171 100.0 % $ 29,318,964 100.0 % $25,418,128 100.0 %
================ ===== =============== ===== =========== =====
</TABLE>
The aggregate amount of certificates of deposit with a minimum
denomination of $100,000 was $1,528,559 and $702,554 at September
30, 1997 and December 31, 1996, respectively. There were no
certificates of deposit with a minimum denomination of $100,000
at December 31, 1995. ^Deposits in excess of $100,000 are not
insured by the Savings Association Insurance Fund (SAIF).
The scheduled maturities of time certificates of deposit are as
follows:
<TABLE>
<CAPTION>
September 30, December 31,
1997 1996
---------------- -----------
<S> <C> <C>
Within one year $ 16,186,875 $14,026,134
Beyond one year but within three years 1,686,812 2,574,725
Beyond three years but within five years 1,196,832 681,888
Beyond five years 1,328,772 52,146
---------------- -----------
Total $ 20,399,291 $17,334,893
================ ===========
</TABLE>
F-17
<PAGE>
8. DEPOSITS (Continued)
Interest expense by deposit category is as follows:
<TABLE>
<CAPTION>
Nine Months Ended September 30, Year Ended December 31,
1997 1996 1996 1995
---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Savings $ 199,554 $ 192,248 $ 258,295 $ 273,390
NOW and money market 48,506 43,642 58,793 63,499
Time certificates of deposit 811,161 594,305 819,440 730,049
---------------- ---------------- ---------------- ---------------
Total $ 1,059,221 $ 830,195 $ 1,136,528 $ 1,066,938
================ ================ ================ ================
</TABLE>
9. BORROWING CAPACITY
Borrowing capacity consists of credit arrangements with the
Federal Home Loan Bank of Pittsburgh. FHLB borrowings are subject
to annual renewal, incur no service charges, and are secured by a
blanket security agreement on certain investment and
mortgage-backed securities, outstanding residential mortgages and
the Bank's investment in FHLB stock. As of December 31, 1996, the
Bank's maximum borrowing capacity with the FHLB was approximately
$16.2 million. As of September 30, 1997, December 31, 1996 and
1995, there were no outstanding borrowings.
10. SAVINGS ASSOCIATION INSURANCE FUNDS RECAPITALIZATION
On September 30, 1996, the President signed into law legislation
which included, among other things, recapitalization of the
Savings Association Insurance Fund ("SAIF") of the Federal
Deposit Insurance Corporation ("FDIC") by a one time charge to
SAIF-insured institutions of 65.7 basis points per one hundred
dollars of insurable deposits. The gross effect to the Bank
amounted to $160,102, which is reflected in the financial results
of the Bank for the year ended December 31, 1996.
11. INCOME TAXES
The components of income tax expense (benefit) are summarized as
follows:
<TABLE>
<CAPTION>
Nine Months Ended September 30, Year Ended December 31,
1997 1996 1996 1995
---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Current payable
Federal $ (78,106) $ (39,495) $ (27,912) $ 66,552
State (18,354) (10,213) (13,293) 16,156
---------------- ---------------- ---------------- ----------------
(96,460) (49,708) (41,205) 82,708
Deferred taxes
Federal (30,979) 18,425 8,867 (3,544)
State (19,254) (8,062) (8,078) -
---------------- ---------------- ---------------- ----------------
$ (146,693) $ (39,345) $ (40,416) $ 79,164
================ ================ ================ ================
</TABLE>
F-18
<PAGE>
11. INCOME TAXES (Continued)
Income taxes applicable to net securities gains were $42,319 for
the nine months ended September 30, 1996 and for the year ended
December 31, 1996.
On August 20, 1996, The Small Business Job Protections Act (the
"Act") was signed into law. The Act eliminated the percentage of
taxable income bad debt deduction for thrift institutions for tax
years beginning after December 31, 1995. The Act provides that
bad debt reserves accumulated prior to 1988 be exempt from
recapture. Bad debt reserves accumulated after 1987 are subject
to recapture. The Bank has accumulated additional bad debt
reserves since 1987 of $85,251.
The following temporary differences gave rise to the net deferred
tax assets (liabilities):
<TABLE>
<CAPTION>
September 30, December 31,
1997 1996 1995
---------------- ---------------- ----------------
<S> <C> <C> <C>
Deferred Tax Assets:
Allowance for loan losses $ 35,684 $ 13,923 $ 13,604
Pension adjustment 32,150 28,621 28,471
Deferred compensation 19,040 - -
Deferred loan origination costs, net 1,949 9,604 10,900
Other 1,338 689 -
---------------- ---------------- ----------------
Total gross deferred tax assets 90,161 52,837 52,975
---------------- ---------------- ----------------
Deferred Tax Liabilities:
Net unrealized gain on securities 189,179 138,131 142,237
Premises and equipment 10,166 6,272 -
Discount on mortgage-backed securities 17,547 15,096 12,639
Excess tax bad debt reserve 28,985 28,985 28,985
---------------- ---------------- ----------------
Total gross deferred tax liabilities 245,877 188,484 183,861
---------------- ---------------- ----------------
Net deferred tax asse $ (155,716) $ (135,647) $ (130,886)
================ ================ ================
</TABLE>
No valuation allowance was established at September 30, 1997 or
December 31, 1996 and 1995, in view of the Bank's ability to
carryback taxes paid in previous years and to a lesser extent
future anticipated taxable income.
The reconciliation of the federal statutory rate and the Bank's
effective income tax rate is as follows:
<TABLE>
<CAPTION>
Nine Months Ended September 30,
1997 1996
-------------------------------- -----------------------------------
% of % of
Pre-tax Pre-tax
Amount Income Amount Income
---------------- ----------- --------------- -----------
<S> <C> <C> <C> <C>
Provision at statutory rate $ (112,193) (34.0)% $ (9,867) (34.0)%
State tax expense, net of
federal tax benefit (12,114) (3.4) (12,062) (41.6)
Tax free income (13,813) (4.2) (12,477) (43.0)
Other, net (8,573) (2.6) (4,939) (17.0)
---------------- ----------- --------------- -----------
Actual tax expense
and effective rate $ (146,693) (44.5)% $ (39,345) (135.6)%
================ =========== =============== ===========
</TABLE>
F-19
<PAGE>
11. INCOME TAXES (Continued)
<TABLE>
<CAPTION>
Year Ended December 31,
1996 1995
% of % of
Pre-tax Pre-tax
Amount Income Amount Income
---------------- ----- --------------- ----
<S> <C> <C> <C> <C>
Provision at statutory rate $ (20,974) (34.0)% $ 82,361 34.0 %
State tax expense, net of
federal tax benefit (8,773) (10.1) 10,663 4.4
Tax free income (16,731) (19.3) (16,228) (6.7)
Other, net 14,562 16.8 2,368 1.0
---------------- ----- --------------- ----
Actual tax expense
and effective $ (40,416) (46.6)% $ 79,164 32.7 %
================ ===== =============== ====
</TABLE>
12. EMPLOYEE BENEFITS
Defined Benefit Plan
The Bank sponsors a trusteed, defined benefit pension plan
covering substantially all employees and officers. The plan calls
for benefits to be paid to eligible employees at retirement based
primarily upon years of service with the Bank and compensation
rates near retirement. The Bank's funding policy is to make
annual contributions as needed based upon the funding formula
developed by the plan's actuary. Net periodic pension cost is
comprised of the following:
<TABLE>
<CAPTION>
Year Ended December 31,
1996 1995
---------------- ----------------
<S> <C> <C>
Service cost of the current period $ 40,058 $ 26,295
Interest cost on projected benefit obligation 52,882 43,424
Actual return on plan assets (21,803) (65,614)
Net amortization and deferral (14,237) 27,984
---------------- ----------------
Net periodic pension cost $ 56,900 $ 32,089
================ ================
</TABLE>
The actuarial present value of accumulated benefit obligations at
December 31, 1996 and 1995, was $428,196 and $508,342, including
vested benefits of $391,647 and $469,395, respectively. The
following table sets forth the funded status and amounts
recognized in the statement of financial condition:
<TABLE>
<CAPTION>
December 31,
1996 1995
---------------- ----------------
<S> <C> <C>
Plan assets at fair value $ 549,600 $ 556,114
Projected benefit obligation 713,241 855,089
---------------- ----------------
Funded status (163,641) (298,975)
Unrecognized net loss 55,013 188,410
Unrecognized prior service costs 1,960 2,127
Unrecognized transition liability 22,488 24,699
---------------- ----------------
Net pension liability $ (84,180) $ (83,739)
================ ================
</TABLE>
F-20
<PAGE>
12. EMPLOYEE BENEFITS (Continued)
Assumptions used in the accounting for the defined benefit plan
are as follows:
<TABLE>
<CAPTION>
1996 1995
---------------- ----------------
<S> <C> <C>
Weighted average discount rate 7.25 % 6.25 %
Rates of increase in compensation levels 4.96 % 4.99 %
Expected long - term rate of return on assets 7.75 % 7.75 %
</TABLE>
Supplemental Retirement Plan
Effective September 30, 1997, the Directors Consultation and
Retirement Plan was adopted to provide post-retirement payments
over a five year period to members of the Board of Directors who
have completed five or more years of service. Expenses for the
nine months ended September 30, 1997 amounted to $56,000.
13. COMMITMENTS AND CONTINGENT LIABILITIES
Commitments
In the normal course of business, the Bank makes various
commitments which are not reflected in the accompanying financial
statements. These instruments involve, to varying degrees,
elements of credit and interest rate risk in excess of the amount
recognized in the statement of financial condition. The Bank's
exposure to credit loss in the event of nonperformance by the
other parties to the financial instruments is represented by the
contractual amounts as disclosed. The Bank minimizes its exposure
to credit loss under these commitments by subjecting them to
credit approval and review procedures, and collateral
requirements, as deemed necessary. ^Commitments generally have
fixed expiration dates within one year of their origination.
The off-balance sheet commitments were comprised of the
following:
<TABLE>
<CAPTION>
September 30, December 31,
1997 1996 1995
---------------- ---------------- ----------------
<S> <C> <C> <C>
Commitments to extend credit:
One to four family $ 360,000 $ 108,000 $ 238,000
Other mortgage loans 100,000 - -
---------------- ---------------- ----------------
Total $ 460,000 $ 108,000 $ 238,000
================ ================ ================
</TABLE>
All of the Bank's commitments to fund future loans are fixed rate
and at September 30, 1997 those rates ranged from 7.75% to 8.50%.
Contingent Liabilities
In the normal course of business, the Bank is involved in various
legal proceedings primarily involving the collection of
outstanding loans. None of these proceedings are expected to have
a material effect on the consolidated financial position or
operations of the Bank.
F-21
<PAGE>
14. CAPITAL REQUIREMENTS
The Bank is subject to various regulatory capital requirements
administered by the federal banking agencies. The Office of
Thrift Supervision sets forth capital standards applicable to all
thrifts. Failure to meet minimum capital requirements can
initiate certain mandatory and possibly additional discretionary
actions by the regulators that, if undertaken, could have a
direct material effect on the Bank's financial statements.
Capital adequacy guidelines involve quantitative measures of the
Bank's assets, liabilities and certain off-balance sheet items as
calculated under regulatory accounting practices. The Bank's
capital amounts and classification are also subject to
qualitative judgments by the regulators about components, risk
weightings, and other factors.
Quantitative measures established by the regulation to ensure
capital adequacy require the Bank to maintain minimum amounts and
ratios of Total and Tier I capital (as defined in the
regulations) to risk-weighted assets, and of tangible and core
capital (as defined in the regulations) to adjusted assets (as
defined). Management believes as of December 31, 1996 that the
Bank meets all capital adequacy requirements to which they are
subject.
As of December 31, 1996, the most recent notification from the
Bank's primary regulator categorized the Bank as "well
capitalized" under the regulatory framework for prompt corrective
action. To be categorized as "well capitalized" the Bank must
maintain minimum tangible, core, and risk-based ratios. There
have been no conditions or events since that notification that
management believes have changed the Bank's category.
The following table reconciles capital under generally accepted
accounting principles to regulatory capital.
<TABLE>
<CAPTION>
September 30, December 31,
1997 1996 1995
---------------- ---------------- ----------
<S> <C> <C> <C>
Total equity $ 3,480,113 $ 3,570,129 $3,624,371
Unrealized gain on securities
^available for sale (361,406) (268,137) (276,108)
---------------- ---------------- ----------
Tier I, core and tangible capital 3,118,707 3,301,992 3,348,263
^General allowance for loan losses 104,951 65,951 40,013
---------------- ---------------- ----------
Risk-based capital $ 3,223,658 $ 3,367,943 $3,388,276
================ ================ ==========
</TABLE>
F-22
<PAGE>
14. CAPITAL REQUIREMENTS (Continued)
Actual capital levels of the Bank and minimum required levels are
as follows:
<TABLE>
<CAPTION>
September 30, December 31,
1997 1996 1995
----------------------- ------------------ -----------------
Amount Ratio Amount Ratio Amount Ratio
------------- ----- --------- ----- --------- -----
<S> <C> <C> <C> <C> <C> <C>
Total Capital to Risk-Weighted Assets
-------------------------------------
Actual $ 3,223,658 23.7 % 3,367,943 ^28.0 % 3,388,276 ^34.5 %
For Capital Adequacy Purposes 1,086,480 8.0 786,000 8.0 964,000 8.0
To be "Well Capitalized" 1,358,100 10.0 982,500 10.0 1,205,000 10.0
Tier I Capital to Risk-Weighted Assets
--------------------------------------
Actual $ 3,118,707 23.0 % 3,301,992 ^27.4 % 3,348,263 ^34.1 %
For Capital Adequacy Purposes 543,240 4.0 393,000 4.0 482,000 4.0
To be "Well Capitalized" 814,860 6.0 589,500 6.0 723,000 6.0
Core Capital to Adjusted Assets
-------------------------------
Actual $ 3,118,707 8.4 % 3,301,992 10.1 % 3,348,263 11.6 %
For Capital Adequacy Purposes 1,116,780 3.0 984,810 3.0 866,760 3.0
To be "Well Capitalized" 1,861,300 5.0 1,641,350 5.0 1,444,600 5.0
Tangible Capital to Adjusted Assets
-----------------------------------
Actual $ 3,118,707 8.4 % 3,301,992 10.1 % 3,348,263 11.6 %
For Capital Adequacy Purposes 558,390 1.5 492,405 1.5 433,380 1.5
To be "Well Capitalized" N/A N/A N/A N/A N/A N/A
</TABLE>
Prior to the enactment of The Small Business Job Protection Act
discussed in Note 12, the Bank accumulated approximately $975,000
of retained earnings at December 31, 1996, which amount
represents allocations of income to bad debt deductions for tax
purposes only. Since this amount represents the accumulated bad
debt reserves prior to 1988, no provision for federal income tax
has been made for such amount. If any portion of this amount is
used other than to absorb loan losses (which is not anticipated),
the amount will be subject to federal income tax at the current
corporate rate.
F-23
<PAGE>
15. FAIR VALUE OF FINANCIAL INSTRUMENTS
The estimated fair values of the Bank's financial instruments at
December 31, are as follows:
<TABLE>
<CAPTION>
1996 1995
------------------------- -------------------------
Carrying Fair Carrying Fair
Value Value Value Value
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Financial assets:
Cash and due from banks,
interest-bearing deposits
^and certificates of
deposits with other bank $ 7,223,610 $ 7,223,610 $ 5,779,287 $ 5,779,287
Investment securities
available for sale 1,244,753 1,244,753 742,243 742,243
Investment securities
held to maturity 4,283,449 4,268,173 3,988,300 4,008,600
Mortgage-backed securities
available for sale 53,791 53,791 89,535 89,535
Mortgage-backed securities
held to maturity 7,457,415 7,402,651 7,991,446 8,047,081
FHLB stock 161,800 161,800 153,500 153,500
Loans receivable 10,864,801 10,949,438 9,579,231 9,926,374
Accrued interest receivable 225,714 225,714 213,430 213,430
----------- ----------- ----------- -----------
Total $31,515,333 $31,529,930 $28,536,972 $28,960,050
=========== =========== =========== ===========
Financial liabilities:
Deposits $29,318,964 $29,361,112 $25,418,128 $25,541,297
Advances by borrowers
for taxes and insurance 125,711 125,711 131,812 131,812
Accrued interest payable 2,327 2,327 1,554 1,554
----------- ----------- ----------- -----------
Total $29,447,002 $29,489,150 $25,551,494 $25,674,663
=========== =========== =========== ===========
</TABLE>
Financial instruments are defined as cash, evidence of an
ownership interest in an entity, or a contract which creates an
obligation or right to receive or deliver cash or another
financial instrument from/to a second entity on potentially
favorable or unfavorable terms.
Fair value is defined as the amount at which a financial
instrument could be exchanged in a current transaction between
willing parties other than in a forced or liquidation sale. If a
quoted market price is available for a financial instrument, the
estimated fair value would be calculated based upon the market
price per trading unit of the instrument.
If no readily available market exists, the fair value estimates
for financial instruments are based upon management's judgment
regarding current economic conditions, interest rate risk,
expected cash flows, future estimated losses, and other factors
as determined through various option pricing formulas or
simulation modeling. As many of these assumptions result from
judgments made by management based upon estimates which are
inherently uncertain, the resulting estimated fair values may not
be indicative of the amount realizable in the sale of a
particular financial instrument. In addition, changes in the
assumptions on which the estimated fair values are based may have
a significant impact on the resulting estimated fair values.
As certain assets, such as deferred tax assets and premises and
equipment, are not considered financial instruments, the
estimated fair value of financial instruments would not represent
the full value of the Bank.
F-24
<PAGE>
15. FAIR VALUE OF FINANCIAL INSTRUMENTS (Continued)
The Office of Thrift Supervision employed simulation modeling in
determining the estimated fair value of financial instruments for
which quoted market prices were not available based upon the
following assumptions:
Cash and Due From Banks, Interest-bearing Deposits ^and
-----------------------------------------------------------------
Certificates of Deposits with Other Banks, Accrued Interest
-----------------------------------------------------------------
Receivable, FHLB Stock, Advances By Borrowers For Taxes and
-----------------------------------------------------------------
Insurance, and Accrued Interest Payable
---------------------------------------
The fair value is equal to the current carrying value.
Investment Securities and Mortgage-Backed Securities
----------------------------------------------------
The fair value of these securities is equal to the available
quoted market price. If no quoted market price is available, fair
value is estimated using the quoted market price for similar
securities.
Loans Receivable and Deposits
-----------------------------
The fair value of loans is estimated by discounting the future
cash flows using a simulation model which estimates future cash
flows based upon current market rates adjusted for prepayment
risk and credit quality. Savings, checking, and money market
deposit accounts are valued at the amount payable on demand as of
year end. Fair values for time deposits are estimated using a
discounted cash flow calculation that applies contractual costs
currently being offered in the existing portfolio to current
market rates being offered for deposits of similar remaining
maturities.
Commitments to Extend Credit
----------------------------
These financial instruments are generally not subject to sale,
and estimated fair values are not readily available. The carrying
value, represented by the net deferred fee arising from the
unrecognized commitment and the fair value, determined by
discounting the remaining contractual fee over the term of the
commitment using fees currently charged to enter into similar
agreements with similar credit risk, are not considered material
for disclosure. The contractual amounts of unfunded commitments
are presented in Note 14.
16. SUBSEQUENT EVENT
Plan of Conversion
------------------
On September 30, 1997, the Board of Directors of the Bank,
subject to regulatory approval and approval by the members of the
Bank, adopted a Plan of Conversion (the "Plan") to convert from a
federally chartered mutual savings bank to a federally chartered
stock savings bank and the concurrent formation of a holding
company for the Bank. The Plan provides that the holding company
will offer nontransferable subscription rights to purchase common
stock of the holding company. The rights will be offered first to
eligible account holders, the Bank's tax-qualified employee stock
benefits plans, supplemental eligible account holders, and
directors, officers, and employees. Any shares remaining may then
be offered to the general public.
Conversion costs will be deferred and deducted from the proceeds
of the stock offering. If the offering is unsuccessful for any
reason, the deferred costs will be charged to operations. ^There
were no conversion cost incurred as of September 30, 1997.
F-25
<PAGE>
16. SUBSEQUENT EVENT (Continued)
At the date of conversion, the Bank will establish a liquidation
account in an amount equal to its retained earnings reflected in
the statement of financial condition appearing in the final
prospectus. The liquidation account will be maintained for the
benefit of eligible account holders and supplemental eligible
account holders who continue to maintain their accounts at the
Bank after the conversion. The liquidation will be reduced
annually to the extent these account holders have reduced their
qualifying deposits. In the event of a complete liquidation, each
eligible savings account holder will be entitled to receive a
distribution from the liquidation account in an amount
proportionate to the current adjusted qualifying balances for
accounts then held.
The Bank may not declare or pay a cash dividend on, or repurchase
any of its common shares if the effect thereof would cause the
Bank's shareholders' equity to be reduced below either the amount
required for the liquidation account or the regulatory capital
requirements for insured institutions.
F-26
<PAGE>
No dealer, salesman or other person has been authorized to give any information
or to make any representations not contained in this document in connection with
the offering made hereby, and, if given or made, such information or
representations must not be relied upon as having been authorized by Stanton
Federal Savings Bank, SFSB Holding Company or Ryan, Beck & Co., Inc. This
document does not constitute an offer to sell, or the solicitation of an offer
to buy, any of the securities offered hereby to any person in any jurisdiction
in which such offer or solicitation would be unlawful. Neither the delivery of
this document by Stanton Federal Savings Bank, SFSB Holding Company or Ryan,
Beck & Co., Inc. nor any sale made hereunder shall in any circumstances create
an implication that there has been no change in the affairs of Stanton Federal
Savings Bank or SFSB Holding Company since any of the dates as of which
information is furnished herein or since the date hereof.
SFSB Holding Company
Up to __________ Shares
(Anticipated Maximum As Adjusted)^
Common Stock
PROSPECTUS
Ryan, Beck & Co.
Dated __________ ____, ^ 1998
THESE SECURITIES ARE NOT DEPOSITS OR ACCOUNTS
AND ARE NOT FEDERALLY INSURED OR GUARANTEED.
Until the later of __________ ____, ^ 1998, or 90 days after commencement of
the offering of common stock, all dealers that buy, sell or trade these
securities, whether or not participating in this distribution, may be required
to deliver a prospectus. This is in addition to the obligation of dealers to
deliver a prospectus when acting as underwriters and with respect to their
unsold allotments or subscriptions.
<PAGE>
PART II: INFORMATION NOT REQUIRED IN PROSPECTUS
Item 27. Exhibits:
The exhibits filed as part of this Registration Statement are
as follows:
<TABLE>
<CAPTION>
<S> <C> <C>
1.1 Form of Sales Agency Agreement with Ryan, Beck & Co.
2 Plan of Conversion of Stanton Federal Savings Bank*
3(i) Articles of Incorporation of SFSB Holding Company*
3(ii) Bylaws of SFSB Holding Company*
4 Specimen Stock Certificate of SFSB Holding Company*
5.1 Opinion of Malizia, Spidi, Sloane & Fisch, P.C. regarding legality of securities registered*
5.2 Opinion of FinPro, Inc. as to the value of subscription rights
8.1 Federal Tax Opinion of Malizia, Spidi, Sloane & Fisch, P.C.*
8.2 State Tax Opinion of Malizia, Spidi, Sloane & Fisch, P.C.*
10 Form of Employment Agreement between the Bank and Barbara J. Mallen
10.1 Form of Directors Consultation and Retirement Plan
between the Bank and each of the directors*
10.2 Form of Supplemental Retirement Plan between the Bank and Barbara J. Mallen
23.1 Consent of Malizia, Spidi, Sloane & Fisch, P.C. (contained in its
opinions filed as Exhibits 5.1 8.1 and 8.2)*
23.2 Consent of LaFrance, Walker, Jackley & Saville
23.3 Consent of FinPro, Inc.
24 Power of Attorney (reference is made to the signature page)*
27 Financial Data Schedule**
99.1 Stock Order Form*
99.2 Appraisal Report of FinPro, Inc.
99.3 Marketing Materials*
</TABLE>
-----------------
* Previously filed
** Electronic filing only
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant
has duly caused this registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in Pittsburgh, Pennsylvania, on
December 22, 1997.
SFSB HOLDING COMPANY
By: /s/Barbara J. Mallen
--------------------------------------------
Barbara J. Mallen
President and Director
(Duly Authorized Representative)
Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed below by the following persons in the
capacities indicated as of December 22, 1997.
/s/Barbara J. Mallen /s/Joseph E. Gallagher
- ------------------------------------------- -----------------------------------
Barbara J. Mallen Joseph E. Gallagher
President and Director Senior Vice President and Director
(Principal Executive and Financial Officer) (Principal Accounting Officer)
SFSB HOLDING COMPANY
(a Pennsylvania corporation)
727,375 Shares (Maximum, as adjusted)
Common Stock
(Par Value $0.10 Per Share)
AGENCY AGREEMENT
----------------
, 1998
-----------------
Ryan, Beck & Co., Inc.
150 Monument Road
Suite 106
Bala Cynwyd, Pennsylvania 19004-1725
Dear Sirs:
SFSB Holding Company, a Pennsylvania corporation (the "Company") and Stanton
Federal Savings Bank, a federally chartered mutual savings bank (the "Bank"),
hereby confirm their agreement with Ryan, Beck & Co., Inc. ("Ryan, Beck" or the
"Agent" or "you"), as follows:
Introductory. The Bank is in the process of converting from a federally
chartered savings bank in the mutual form to a federally chartered savings bank
in stock form in accordance with the provisions of the Home Owners' Loan Act, as
amended (the "HOLA"), and the rules and regulations of the Office of Thrift
Supervision ("OTS") which have been or which may be promulgated thereunder by
the OTS, such statute, rules and regulations being collectively referred to as
the "Conversion Regulations." An Application for Approval of Conversion has been
filed with the OTS (the "Conversion Application") and all amendments required to
the date hereof have also been filed. The Conversion Application includes, among
other things, the Bank's plan of conversion (the "Plan") and the Bank's proxy
statement for the Special Meeting of Members, to be held on __________, 1998
("Proxy Statement"). Prior to the date hereof, the Plan has been approved by the
Board of Directors (hereinafter referred to as "Directors") of the Bank and by
the OTS. Pursuant to the Plan, the Bank will convert from a federally chartered
mutual savings bank to a federally chartered stock savings bank; the Company has
filed an application (the "Holding Company Application") with the OTS to become
a registered savings and loan holding company under HOLA; all the issued and
outstanding stock of the Bank will be sold to the Company, and the Company will
issue and sell its Common Stock (as defined below) in a Subscription Offering
and, if necessary, in a Community Offering or Public Offering as selected by the
Company, all of which are described below and in the Plan. Collectively, these
transactions are referred to herein as the "Conversion." Collectively, the
Subscription Offering, the Community Offering, and the
<PAGE>
Ryan, Beck & Co., Inc.
________________, 1998
Page 2
Public Offering are herein referred to as the "Offerings"; and the term
"Offering" shall mean any of the Offerings individually.
Upon consummation of the Conversion, the Company will have authorized
capital of 5,000,000 shares of capital stock, of which 4,000,000 shares shall be
common stock, $0.10 par value per share (the "Common Stock") and 1,000,000
shares shall be preferred stock of $0.10 par value. The Company, in accordance
with the Plan, is offering, in a subscription offering by way of nontransferable
subscription rights, shares of Common Stock, in order of priority, to depositors
of the Bank with account balances of $50.00 or more as of December 31, 1995
("Eligible Account Holders"), the Bank's Employee Stock Ownership Plan, a
taxqualified employee benefit plan (the "ESOP"), depositors of the Bank with
account balances of $50.00 or more as of September 30, 1997 ("Supplemental
Eligible Account Holders"), and depositors other than Eligible Account Holders
and Supplemental Eligible Account Holders as of the Voting Record Date and
borrowers of the Bank with loans outstanding as of April 1, 1996 and continue
outstanding as of the Voting Record Date ("Other Members"). Concurrently, and
subject to the prior rights of holders of subscription rights, the Company may
offer Common Stock for sale in a community offering to the general public, with
preference given to natural persons who reside in Allegheny County, Pennsylvania
or to selected persons in a best efforts public offering through Ryan, Beck
("Other Subscribers"). With the exception of the ESOP, which intends to purchase
up to 8% of the total number of shares of Common Stock issued in the Conversion,
no person may purchase more than 7,500 shares of the Common Stock offered in the
Conversion; and no person, together with associates of and persons acting in
concert with such person, may purchase more than 12,500 shares of the Common
Stock offered in the Conversion; provided, however that the maximum overall
purchase limitation may be increased or decreased and the amount permitted to be
subscribed for may be increased or decreased in the sole discretion of the
Company. It is acknowledged that the Company in its sole discretion may accept
or reject, in whole or in part, any orders to purchase shares of the Common
Stock received in the Community Offering or in the Public Offering.
The Company has filed with the Securities and Exchange Commission (the
"Commission") a registration statement on Form SB-2 (File No. 333-_____) (the
"Registration Statement") containing a Prospectus relating to the Offerings for
the registration of the Common Stock under the Securities Act of 1933, as
amended (the "1933 Act"), and has filed such amendments thereto and such amended
prospectuses as may have been required to the date hereof. The Prospectus, as
amended, on file with the Commission at the time the Registration Statement
becomes effective is hereinafter called the "Prospectus", except that if the
Prospectus filed by the Company pursuant to Rule 424 (b) of the rules and
regulations of the Commission under the 1933 Act (the "1933 Act Regulations")
differs from the prospectus on file at the time the Registration Statement
becomes effective, the term "Prospectus" shall
<PAGE>
Ryan, Beck & Co., Inc.
________________, 1998
Page 3
refer to the prospectus filed pursuant to Rule 424(b) from and after the time
said prospectus is filed with the Commission.
SECTION 1. Appointment of Agent; Compensation to the Agent. Subject to
the terms and conditions herein set forth, the Bank and the Company hereby
appoint the Agent as its agent to consult with and advise the Bank and the
Company, to solicit subscriptions and purchase orders for Common Stock on behalf
of the Bank and the Company, in connection with the Company's offering of Common
Stock in the Subscription Offering and Community Offering and at the request of
the Company to manage a best efforts Public Offering of the Common Stock in such
amount of shares of the Common Stock as the Company may request, provided that
in no event will the shares of Common Stock offerred in all Offerings exceed an
aggregate of 727,375. On the basis of the representations, warranties and
agreements herein contained, and subject to the terms and conditions herein set
forth, Ryan, Beck accepts such appointment and agrees to consult with and advise
the Bank and the Company as to the matters set forth in Section 3 of the
Engagement Letter between the Agent and the Bank dated October 3, 1997, included
as Exhibit A attached hereto, and to use its best efforts to solicit
subscriptions and purchase orders for Common Stock in accordance with this
Agreement; provided, however, that the Agent shall not be responsible for
obtaining subscriptions or purchase orders for any specific number of shares of
Common Stock, shall not be required to purchase any shares and shall not be
obligated to take any action which is inconsistent with all applicable laws,
regulations, decisions or orders.
The appointment of the Agent hereunder shall terminate upon termination
of the Offerings and satisfaction of the obligations of the Bank and the Company
pursuant to this Agreement.
Subject to the prior approval of the Company and the Bank, Ryan, Beck
may also assemble and manage a selling group of broker dealers ("Selling Group")
which are members of the National Association of Securities Dealers, Inc.
("NASD") to participate in the solicitation of purchase orders for shares of
Common Stock in the Public Offering under a selected dealers' agreement (the
"Selected Dealers' Agreement"), the form of which is set forth as Exhibit B to
this Agreement.
In addition to the reimbursement of the expenses specified in Sections
6, 7 and 8 hereof, the Agent will receive an advisory, management and marketing
fee of $100,000 ("Advisory and Marketing Fee") for the sale of the Common Stock
sold in the Subscription and Community Offerings. Should the Company elect to
conduct a Public Offering, a selling group of NASD member firms (which may
include Ryan, Beck) under a Selected Dealers' Agreement (the "Selling Group")
may be implemented, and the Bank shall pay a fee to Ryan, Beck for each share
sold by it or selected dealers in a Public Offering (collectively, "Selected
Dealers' Fee") of five and one-half percent (5.5%) in the aggregate. Ryan, Beck
shall be
<PAGE>
Ryan, Beck & Co., Inc.
________________, 1998
Page 4
responsible for paying any appropriate fees to a selected dealer for any shares
of Common Stock sold by such a selected dealer in the Public Offering. The
Advisory and Marketing Fee and the Selected Dealers' Fee are hereinafter
collectively referred to as the "Sales Compensation." No Selected Dealers' Fee
shall be payable pursuant to this section in connection with the sale of Common
Stock to officers, directors, employees (and members of the immediate family
thereof), and employee benefit plans of the Company and the Bank. It is
acknowledged that the Bank paid the Agent $12,500 of the Advisory and Marketing
Fee upon execution of the Engagement Letter. Ryan, Beck will not commence sales
of shares of Common Stock through members of the Selling Group without prior
approval of the Bank.
If the Conversion is not consummated by September 30, 1998, due to
conditions beyond the control of the Agent, or if the Agent terminates this
Agreement in accordance with Section 10 hereof, the Agent shall receive, in
addition to the Agent's reasonable out of pocket expenses as defined in Section
6 hereof, an advisory and administrative services fee of $25,000 in
consideration of its advisory and administrative services in lieu of the Sales
Compensation. If there is necessitated a resolicitation of subscriptions and
purchase orders, the Company, the Bank and the Agent agree to negotiate in good
faith an agreement to cover the Agent's further fees and expenses in connection
therewith.
The compensation specified above shall be payable (to the extent not
already paid) to the Agent on the earlier of the Closing Date (as hereinafter
defined), or a determination by the Company and the Bank to terminate or abandon
the Plan. The Bank and the Company agree to reimburse the Agent for the costs
and expenses specified in Sections 6, 7 and 8 hereof, to the extent such costs
and expenses are reasonably incurred by the Agent, promptly upon receiving a
reasonable accounting of such costs and expenses.
SECTION 2. Closing Date; Release of Funds and Deliverv of Certificates.
If all conditions precedent to the consummation of the Conversion, including,
without limitation, the sale of all Common Stock required by the Plan to be
sold, are satisfied, the Company agrees to issue or have issued the Common Stock
sold in the Offerings and to release for delivery certificates for Common Stock
on the Closing Date (as hereinafter defined) against payment therefor by release
of funds from the special interest bearing account referred to in Section 5(r)
hereof and by the authorized withdrawal of funds from deposit accounts of
Eligible Account Holders, Supplemental Eligible Account Holders and Other
Members in accordance with the Plan; provided, however, that no such funds shall
be released to the Company or withdrawn until the conditions specified in
Section 9 hereof shall have been complied with to the reasonable satisfaction of
the Agent and its counsel. Such release, withdrawal and payment shall be made at
the Closing Date of the Offerings, on a business day and at a place selected by
the Agent, which date and place are acceptable to the Bank and the Company, on
at least two business days prior notice to the Bank and Company (it being
understood that such business day shall not be more than ten business days after
completion of the Offerings or the
<PAGE>
Ryan, Beck & Co., Inc.
________________, 1998
Page 5
solicitation of purchase orders for shares under the Selected Dealers' Agreement
unless an amendment to the Registration Statement is required or the Conversion
appraisal update has not been approved by the OTS), or such-other time or place
as shall be agreed upon by the Agent, the Bank and the Company. Certificates for
Common Stock shall be delivered directly to the purchasers thereof or in
accordance with their directions. The hour and date upon which the Company shall
release or deliver the Common Stock sold in the Offerings, in accordance with
the terms hereof, are herein called the "Closing Date."
SECTION 3. Prospectus: The Offerings. The Common Stock is to be offered
in the Offerings at $10.00 per share, as set forth on the cover page of the
Prospectus. The number of shares offered may be changed by the Company after
consultation with the Agent. -------------------------
SECTION 4. Representations and Warranties. The Company and the Bank
jointly and severally represent and warrant to the Agent as follows.
(a) The Registration Statement was declared effective by the Commission
on _______________, 199_. At the time the Registration Statement, including the
Prospectus contained therein, became effective, the Registration Statement
complied in all material respects with the requirements of the 1933 Act and the
1933 Act Regulations and the Registration Statement, any final Prospectus, any
Blue Sky Application or any Sales Document (as such terms are defined previously
herein or in Section 7 hereof) authorized by the Company or the Bank for use in
connection with the Offerings (and only with respect to information provided by
or approved by the Company and the Bank) did not contain an untrue statement of
a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading, and at the time any Rule 424(b) Prospectus
was filed with the Commission and at the Closing Date referred to in Section 2,
the Registration Statement, any preliminary or final Prospectus, any Blue Sky
Application or any Sales Information (as such terms are defined previously
herein or in Section 7 hereof) authorized by the Company or the Bank for use in
connection with the Offerings will not contain an untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements
therein, in light of the circumstances under which they were made, not
misleading; provided, however, that the representations and warranties in this
Section 4(a) shall not apply to statements in or omissions from such
Registration Statement, Prospectus or Sales Information made in reliance upon
and in conformity with information furnished in writing to the Company or the
Bank by the Agent expressly regarding the Agent for use under the captions
"Market for the Common Stock" and "The Conversion - Marketing Arrangements."
<PAGE>
Ryan, Beck & Co., Inc.
________________, 1998
Page 6
(b) The Bank has filed with the OTS the Conversion Application,
including the Prospectus, exhibits, and an amendment or amendments thereto, as
required, which was approved by the OTS; the Proxy Statement of the Bank, to be
dated as of _______________, 199_, has been approved by-the OTS; and the Plan
has been adopted by both the Board of Directors of the Company and the Board of
Directors of the Bank.
(c) The Company has filed with the OTS the Holding Company Application,
which was approved by the OTS and, to the best knowledge of the Company and the
Bank, no order has been received by or is pending before the OTS to prevent,
suspend or revoke any approval thereof.
(d) At the Closing Date, the Company and the Bank will have completed
all conditions precedent to the Conversion and the offer and sale of the Common
Stock in accordance with the Plan, the Conversion Regulations and all other
applicable material laws, regulations, decisions and orders, including all
terms, conditions, requirements and provisions precedent to the Conversion
imposed upon the Company or the Bank by the Commission and the OTS or any other
regulatory authority.
(e) No order has been issued by the Commission, the OTS, the Federal
Deposit Insurance Corporation (the "FDIC"), or any State regulatory or Blue Sky
authority preventing or suspending the use of the Prospectus and no action by or
before any such government entity to revoke any approval, authorization or order
of effectiveness related to the Conversion is, to the best knowledge of the Bank
or the Company, pending or threatened.
(f) At the date hereof, to the best knowledge of the Company and the
Bank, no person has sought to obtain review of the final action of the OTS in
approving the Plan of Conversion or Holding Company Application.
(g) At the time of the approval of the Conversion Application by the
OTS (including any amendment or supplement thereto) and at all times subsequent
thereto until the Closing Date, the Conversion Application complied in all
material respects with the Conversion Regulations. The Prospectus contained in
the Conversion Application (including any amendments or supplements thereto)
complied in all material respects with the Conversion Regulations at the time of
the approval of the Conversion Application by the OTS and the Prospectus
contained in the Conversion Application will comply in all material respects
with such rules and regulations from such time until the Closing Date.
<PAGE>
Ryan, Beck & Co., Inc.
________________, 1998
Page 7
(h) FinPro, Inc. ("FinPro"), which prepared the Conversion appraisal
dated as of _______________, 1997, described in the Prospectus, is independent
with respect to the Company and the Bank within the meaning of the Conversion
Regulations, is believed by the Company and the Bank to be experienced and
expert in rendering corporate appraisals of thrift institutions and the Bank
believes that FinPro has prepared the pricing information set forth in the
Prospectus in accordance with the requirements of the Conversion Regulations.
(i) La France, Walker, Jackley & Saville ("La France"), the firm which
certified the financial statements filed as part of the Registration Statement
is, with respect to the Company and the Bank, an independent certified public
accountant as required by the 1933 Act and the 1933 Act Regulations.
(j) The financial statements included in the Registration Statement and
which are part of the Prospectus present fairly the financial condition, results
of operations, retained earnings and changes in financial position and statement
of cash flows of the Bank, at and for the dates indicated and the periods
specified and comply as to form in all material respects with the applicable
accounting requirements of the Conversion Regulations and generally accepted
accounting principles. Said financial statements are consistent with financial
statements and other reports filed by the Bank with the OTS and the FDIC except
that accounting principles employed in such brings (not including the
Registration Statement) conform to requirements of such authorities and not
necessarily to generally accepted accounting principles. The other financial,
statistical, and pro forma information and related notes included in the
Prospectus present fairly the information shown therein on a basis consistent
with the audited financial statements of the Bank included in the Prospectus,
and as to the pro-forma adjustments, the adjustments made therein have been
properly applied on the basis I described therein.
(k) Since the respective dates as of which information is given in the
Registration Statement and Prospectus, except as may otherwise be stated
therein: (i) there has not been any material adverse change in the financial
condition of the Company or the Bank or of the Company and the Bank considered
as one enterprise, or in the results of operations or business of the Company or
the Bank whether or not arising in the ordinary course of business, (ii) there
has not been any material increase in the long-term debt of the Bank, nor has
the Bank issued any securities or incurred any liability or obligation for
borrowing other than in the ordinary course of business, (iii) there have not
been any material transactions entered into by the Company or the Bank, except
those transactions entered into in the ordinary course of business and those
specifically contemplated by the Prospectus, including the execution of loan
documents pertaining to the ESOP, and (iv) the capitalization, liabilities,
assets,
<PAGE>
Ryan, Beck & Co., Inc.
________________, 1998
Page 8
properties and business of the Company and the Bank conform in all material
respects to the descriptions thereof contained in the Prospectus. To the best
knowledge of the Company and the Bank, neither the Company nor the Bank has any
material liability of any kind, contingent or otherwise, except as set forth in
the Prospectus.
(1) The Bank is now a federally chartered savings bank in mutual form
of organization and upon the Conversion will become a federally chartered
savings bank in capital stock form of organization, in both instances duly
authorized to conduct its business and own its property as described in the
Registration Statement; the Company and the Bank have obtained all material
licenses, permits and other governmental authorizations, currently required for
the conduct of their respective businesses; all such licenses, permits and the
governmental authorizations are in full force and effect; and the Company and
the Bank are in all material respects complying with all laws, rules,
regulations and orders applicable to the operation of their businesses. The Bank
does not own equity securities or any equity interest in any other business
enterprise except as described in the Prospectus. Upon completion of the sale by
the Company of the shares of Common Stock contemplated by the Prospectus, (i)
the Bank will be converted pursuant to the Plan to a federally chartered stock
savings bank, (ii) all of the issued and outstanding capital stock of the Bank
will be owned by the Company, and (iii) the Company will have no direct
subsidiaries other than the Bank. The Conversion will have been effected in all
material respects in accordance with all applicable statutes, regulations,
decisions and orders; and, except with respect to the filing of certain
post-sale, post-conversion reports and documents, all terms, conditions,
requirements and provisions with respect to the Conversion imposed by the
Commission and the OTS, if any, will have been complied with by the Company and
the Bank in all material respects or appropriate waivers will have been obtained
and all material notice and waiting periods will have been satisfied, waived or
elapsed.
(m) The deposit accounts of the Bank are insured by the Savings
Association Insurance Fund ("SAIF") as administered by the FDIC up to the
maximum amount allowed under law. Upon consummation of the Conversion, the
liquidation account for the benefit of Eligible Account Holders and Supplemental
Eligible Account Holders ("Liquidation Account") will be duly established in
accordance with the requirements of the Conversion Regulations.
(n) Upon consummation of the Conversion, the authorized, issued and
outstanding equity capital of the Company will be as set forth in the
Registration Statement under the caption "Capitalization," and no shares of
Common Stock have been or will be issued and outstanding prior to the Closing
Date referred to in Section 2, except as to the issuance by the Company of
shares of Common Stock, if any, for the purpose of the Company's initial
capitalization and conducting organizational business,
<PAGE>
Ryan, Beck & Co., Inc.
________________, 1998
Page 9
which shares of Common Stock shall be cancelled on the Closing Date; the shares
of Common Stock issued in the Conversion will have been duly and validly
authorized for issuance and, when issued and delivered by the Company pursuant
to the Plan against payment of the consideration calculated as set forth in the
Plan and in the Prospectus, will be duly and validly issued and fully paid and
non-assessable; the issuance of the Common Stock will not violate any preemptive
rights; and the terms and provisions of the Common Stock will conform in all
material respects to the description thereof contained in the Registration
Statement and the Prospectus. To the best knowledge of the Company and the Bank,
upon the issuance of the Common Stock, good title to the Common Stock will be
transferred from the Company to the purchasers thereof against payment therefor,
subject to such claims as may be asserted against the purchasers thereof by
third-party claimants.
(o) The Company has been duly incorporated and is validly existing as
a| corporation in good standing under the laws of the Commonwealth of
Pennsylvania with corporate power and authority to own, lease and operate its
properties and to conduct its business as described in the Registration
Statement and the Prospectus, and the Company is not required to qualify as a
foreign corporation in any jurisdiction where it has not so qualified.
(p) As of the date hereof and as of the Closing Date, neither the
Company nor the Bank is in violation of its articles of incorporation, charter
or bylaws (and the Bank will not be in violation of its charter or bylaws in
capital stock form upon consummation of the Conversion); the consummation of the
Conversion, the execution, delivery and performance of this Agreement and the
consummation of the transactions herein contemplated have been duly and validly
authorized by ally necessary corporate action on the part of the Company and the
Bank and this Agreement has been validly executed and delivered by the Company
and the Bank and is the valid, legal and binding Agreement of the Company and
the Bank enforceable in accordance with its terms, except to the extent that
rights to indemnity hereunder may be limited under applicable law and subject to
bankruptcy, insolvency, reorganization or other laws relating to or affecting
the enforcement of creditors' rights generally and equitable principles limiting
the right to obtain specific enforcement or similar equitable relief. The
consummation of the transactions herein contemplated will not (i) conflict with
or constitute a breach of, or default under, the articles of incorporation,
charter or bylaws of the Company or the Bank (in either mutual or capital stock
form), or any material contract, lease or other instrument to which the Company
or the Bank is a party or in which the Company or the Bank has a beneficial
interest, or any applicable law, rule, regulation or order to which the Company
or the Bank is subject; (ii) violate any authorization, approval, judgment,
decree, order, statute, rule or regulation applicable to the Company or the
Bank; or (iii) with the exception of the Liquidation Account
<PAGE>
Ryan, Beck & Co., Inc.
________________, 1998
Page 10
established in the Conversion, result in the creation of any lien, charge or
encumbrance upon any property of the Company or the Bank.
(q) The Company and the Bank have all such power, authority,
authorizations, approvals and orders as may be required to enter into this
Agreement, to carry out the provisions and conditions hereof and to issue and
sell the capital stock of the Bank and the Common Stock as provided in the Plan
and as described in the Prospectus, subject to the final approval of the OTS and
to the satisfaction of the conditions of the OTS approval of the Conversion.
(r) The Company and the Bank have good and marketable title to all
properties and assets which are material to the business of the Company and the
Bank on a consolidated basis and to those properties and assets described in the
Registration Statement and the Prospectus as owned by them, free and clear of
all liens, except such liens as are described in the Prospectus or are not
materially significant or important in relation to the business of the Company
and the Bank on a consolidated basis; and all of the leases and subleases
material to the business of the Company and the Bank on a consolidated basis
under which the Company or the Bank hold properties, including those described
in the Prospectus, are in full force and effect.
(s) The Company and the Bank are not in violation of any directive from
the Commission, the OTS, the FDIC, or any other agency to make any material
change in the method of conducting their respective businesses so as to comply
in all material respects with all applicable statutes and regulations
(including, without limitation, regulations, decisions, directives and orders of
the Commission, the FDIC and the OTS) and there is no suit or proceeding,
charge, investigation or action before or by any court, regulatory authority or
governmental agency or body, pending or, to the knowledge of the Company or the
Bank, threatened, which might materially and adversely affect the Conversion,
the performance of this Agreement or the consummation of the transactions
contemplated in the Plan and as described in the Prospectus or which might
result in any material adverse change in the financial condition, results of
operations or business of the Company and the Bank taken as a whole or which
would materially affect their properties and assets.
(t) As of the Closing Date, the Bank and the Company shall have
conducted the Conversion in all material respects in accordance with the Plan,
and the Conversion Regulations and in the manner described in the Prospectus.
(u) The Bank has received an opinion of its special counsel, Malizia,
Spidi, Sloane & Fisch, P.C., with respect to the federal income tax consequences
of the Conversion and an opinion of [La France] with respect to the Pennsylvania
income tax
<PAGE>
Ryan, Beck & Co., Inc.
________________, 1998
Page 11
consequences of the Conversion. The facts and representations upon which such
opinions are based are truthful accurate and complete, and neither the Bank nor
the Company will take any action inconsistent therewith.
(v) No default exists, and no event has occurred which with notice or
lapse of time, or both, would constitute a default on the part of the Company or
the Bank in the due performance and observance of any term, covenant or
condition of any indenture, mortgage, deed of trust, note, bank loan or credit
agreement or any other instrument or agreement to which the Company or the Bank
is a party or by which any of them or any of their property is bound or affected
in any respect which, in any such case, is material to the Company and the Bank;
such agreements are in full force and effect, and no other party to any such
agreements has instituted or, to the best knowledge of the Company or the Bank,
threatened any action or proceeding wherein the Company or the Bank would or
might be alleged to be in default thereunder.
(w) Subsequent to the date the Registration Statement is declared
effective by the Commission and prior to the Closing Date, except as otherwise
may be indicated or contemplated therein, neither the Company nor the Bank will
have issued any securities or incurred any liability or obligation, direct or
contingent, for borrowed money, except borrowings from the same or similar
sources indicated in the Prospectus in the ordinary course of its business. For
purposes of this Section 4(x), obligations for borrowed money do not include
deposits.
(x) The Company and the Bank have filed all federal, state and local
tax returns required to be filed and have made timely payments of all taxes due
and payable in respect of such returns and no deficiency has been asserted with
respect thereto by any taxing authority.
(y) To the best knowledge of the Company and the Bank, none of the
Company, the Bank or employees of the Bank has made any payment of funds of the
Company or the Bank as a loan for the purchase of the Common Stock or made any
other payment of funds prohibited by law, and no funds have been set aside to be
used for any payment prohibited by law except as disclosed in the Prospectus
with respect to the ESOP.
(z) Prior to the Conversion, the Bank was not authorized to issue
shares of capital stock; neither the Bank nor the Company has: (i) issued any
securities within the last 18 months (except for notes to evidence other bank
loans and reverse repurchase agreements); (ii) had any material dealings within
the 12 months prior to _______________, 1998 with any member of the NASD, or any
person related to or associated with such member, other than discussions and
meetings relating to the
<PAGE>
Ryan, Beck & Co., Inc.
________________, 1998
Page 12
Conversion and routine purchases and sales of U.S. government securities; (iii)
entered into a financial or management consulting agreement except as
contemplated hereunder; and (iv) engaged any intermediary between the Agent and
the Company or the Bank in connection with the offering of Common Stock, and no
person is being compensated in any manner for such service.
(aa) Neither the Company nor the Bank is required to be registered
under the Investment Company Act of 1940, as amended.
(bb) Except for information provided in writing to the Company or Bank
by the Agent for use in the Prospectus, the Company and the Bank have not relied
upon the Agent or its legal or other advisors for any legal, tax or accounting
advice in connection with the Conversion.
(cc) To the best knowledge of the Company and the Bank, each of them is
in compliance in all material respects with all laws, rules and regulations
relating to environmental protection except where such failure would not have a
material adverse effect on the financial condition of the Company and the Bank
taken as a whole, and neither the Company nor the Bank has been notified or is
otherwise aware that either of them is potentially liable, or is considered
potentially liable, under the Comprehensive Environmental Response, Compensation
and Liability Act of 1980, as amended, or any similar state law. No action,
suits, regulatory investigations or other proceedings are pending, or, to the
best knowledge of the Company and the Bank, threatened against the Company or
the Bank relating to environmental protection, nor does the Company or the Bank
have any reason to believe any such proceedings may be brought against either of
them. To the best knowledge of the Company and the Bank, no disposal, release or
discharge of hazardous or toxic substances, pollutants or contaminants,
including petroleum and gas products, as any of such terms may be defined under
federal, state or local law, has occurred on, in, at or about any of the
facilities or properties of the Company or the Bank.
(dd) No labor dispute with the employees of the Company or the Bank
exists or, to the knowledge of the Company or the Bank, is imminent.
(ee) All of the loans represented as assets on the most recent
financial statements or selected financial information of the Bank included in
the Prospectus meet or are exempt from all requirements of federal, state and
local law pertaining to lending, including, without limitation' truth in lending
(including the requirements of Regulations Z and 12 C.F.R. Part 226), real
estate settlement procedures, consumer credit protection, equal credit
opportunity and all disclosure laws applicable to such loans, except for
violations which, if asserted, would not result in a material adverse
<PAGE>
Ryan, Beck & Co., Inc.
________________, 1998
Page 13
effect on the financial condition, results of operations or business of the
Company and the Bank taken as a whole. Any certificate signed by an officer of
the Bank or of the Company and delivered to the Agent or its counsel that refers
to this Agreement shall be deemed to be a representation and warranty by the
Bank or the Company to the Agent as to the matters covered thereby with the same
effect as if such representation and warranty were set forth herein.
SECTION 5. Covenants of the Company and Bank. The Company and the Bank
hereby jointly and severally covenant with you as follows.
(a) The Company has filed the Registration Statement with the
Commission. The Company will not, at any time before the Registration Statement
is declared effective by the Commission, file any amendment to such Registration
Statement without providing you and your counsel an opportunity to review such
amendment and to reasonably object in writing. The Company will not, at any time
after the date the Registration Statement is declared effective, file any
amendment or supplement to the Registration Statement without providing you and
your counsel an opportunity to review such amendment or to which amendment you
or your counsel shall reasonably object.
(b) The Company and the Bank will use their best efforts to cause the
Registration Statement to be declared effective by the Commission and the
Conversion Application to be approved by the OTS and will immediately upon
receipt of any information concerning the events listed below notify you: (i)
when the Registration Statement has become effective; (ii) of the receipt of any
comments from the Commission, the OTS, or any other governmental entity with
respect to the Conversion or the transactions contemplated by this Agreement;
(iii) of the request by the Commission, the OTS, or any other governmental
entity for any amendment or supplement to the Registration Statement or for
additional information; (iv) of the issuance by the Commission, the OTS, or any
other governmental entity of any order or other action suspending the
effectiveness of the Registration Statement or the approval of the Conversion
Application or the use of the Registration Statement or the Prospectus or any
other filing of the Company and the Bank under the Conversion Regulations, the
1933 Act, 1933 Act Regulations or other applicable law, or the threat of any
such action; (v) the issuance by the Commission, the OTS, or any other state
authority of any stop order suspending the effectiveness of the Registration
Statement or the Conversion Application or of the initiation or threat of
initiation or threat of any proceedings for such purposes; or (vi) of the
occurrence of any event mentioned in paragraph (g) below.
The Company and the Bank will make every reasonable effort to prevent the
issuance by the Commission, the OTS, or any other state authority of any
<PAGE>
Ryan, Beck & Co., Inc.
________________, 1998
Page 14
such order and, if any such order shall at any time be issued, to obtain the
lifting thereof at the earliest possible time.
(c) The Company will provide you with notice of its intention to file
and reasonable time to review prior to filing any amendment or supplement to the
Conversion Application, the Holding Company Application or to the Registration
Statement or the Prospectus (including a prospectus filed pursuant to Rule 424
which differs from the prospectus on file at the time the Registration Statement
and any amendments thereto become effective) and will not file any such
amendment or supplement to which you shall reasonably object or which shall be
reasonably objected to by your counsel in writing.
(d) The Company and the bank will deliver to you and to your counsel
two conformed copies of each of the following documents, with all exhibits: The
Conversion Application and the Holding Company Application, as originally filed
and of each amendment or supplement thereto, and the Registration Statement, as
originally filed and each amendment or supplement thereto.
(e) The Company and the Bank will deliver to you such number of copies
of the Prospectus, as amended or supplemented, as you may reasonably request.
The Company authorizes the Agent to use the Prospectus (as amended or
supplemented, if amended or supplemented) for any lawful manner in connection
with the sale of the Common Stock by the Agent.
(f) During the periods prior to the Closing Date, when the Prospectus
is required to be delivered and subsequent to the Closing Date, the Company and
the Bank will comply, at their own expense, with any and all terms, conditions
requirements and provisions with respect to the Conversion and the transactions
contemplated thereby imposed upon them by the Commission and the OTS, by
applicable state law or the Conversion Regulations, and by the 1933 Act, the
1933 Act Regulations, the 1934 Act and the rules and regulations of the
Commission promulgated under such statutes, including, without limitation,
Regulation M under the 1934 Act, in each case as from time to time in force, in
accordance with the provisions hereof and the Prospectus.
(g) If, at any time during the period when the Prospectus relating to
the Shares is required to be delivered, any event relating to or affecting the
Company or the Bank shall occur, as a result of which it is necessary or
appropriate, in the opinion of counsel for the Company and the Bank to amend or
supplement the Registration Statement or Prospectus in order to make the
Registration Statement or Prospectus not misleading in light of the
circumstances existing at the time it is delivered to a
<PAGE>
Ryan, Beck & Co., Inc.
________________, 1998
Page 15
purchaser, the Company and the Bank will, at their expense, forthwith prepare,
file with the Commission and furnish to you a reasonable number of copies of an
amendment or amendments of, or a supplement or supplements to, the Registration
Statement or Prospectus (in form and substance satisfactory to you and your
counsel after a reasonable time for review) which will amend or supplement the
Registration Statement or Prospectus so that as amended or supplemented it will
not contain any untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements therein, in light of the
circumstances existing at the time the Prospectus is delivered to a purchaser,
not misleading.
(h) The Company and the Bank will take all necessary actions, in
cooperation with you, and furnish to whomever the Agent may direct such
information as may be required to qualify or register the Common Stock and sale
by the Company under the applicable securities or Blue Sky laws of such
jurisdictions as you and the Company and the Bank and its counsel may agree
upon; provided, however, that the Company shall not be obligated to file any
general consent to service of process or to qualify to do business in any
jurisdiction in which it is not so qualified. In each jurisdiction where any of
the Common Stock shall have been qualified or registered as above provided, the
Company will make and file such statements and reports as are or may be required
by the laws of such jurisdiction.
(i) The Company will not sell or issue, contract to sell or otherwise
dispose of, for a period of 90 days after the date hereof, without your prior
written consent, any shares of Common Stock other than the Common Stock or other
than in connection with any plan or arrangement described in the Prospectus.
(j) During the period during which the Company's Common Stock is
registered under the 1934 Act, the Company will furnish to its stockholders as
soon as practicable after the end of each fiscal year an annual report
(including a consolidated balance sheet and statements of consolidated income,
stockholders' equity or cash flow statement of the Company and its subsidiaries
as at the end of and for such year, certified by independent public accountants
in accordance with Regulation S-X under the 1933 Act).
(k) During the period of three years from the date hereof, the Company
will furnish to you: (i) as soon as available, a copy of each report of the
Company furnished generally to stockholders of the Company or furnished to or
filed with the Commission under the 1934 Act or any national securities exchange
or system on which any class of securities of the Company is listed or quoted,
(including, but not limited to, reports on Forms 10-K, 10-Q and 8-K and all
proxy statements and annual reports to stockholders), a copy of each other
report of the Company mailed to its stockholders
<PAGE>
Ryan, Beck & Co., Inc.
________________, 1998
Page 16
or filed with the Commission or any national securities exchange or system on
which any class of securities of the Company is listed or quoted, each press
release and material news items and articles released by the Company or the Bank
and (u) from time to time, such other public information concerning the Company
and the Bank as you may reasonably request.
(l) The Company and the Bank will use the net proceeds from the sale of
the Common Stock substantially in the manner set forth in the Prospectus under
the caption "Use of Proceeds."
(m) Other than as permitted by the Conversion Regulations, the 1933
Act, the 1933 Act Regulations and the laws of any state in which the shares of
Common Stock are qualified for sale, neither the Company nor the Bank will
distribute any prospectus, offering circular or other offering material in
connection with the offer and sale of the Common Stock.
(n) The Company will make generally available to its security holders
as soon as practicable, but not later than 60 days after the close of the period
covered thereby, an earnings statement (in form complying with the provisions of
Rule 158 of the regulations promulgated under the 1933 Act) covering a
twelve-month period beginning not later than the first day of the Company's
fiscal quarter next following the effective date (as defined in said Rule 158)
of the Registration Statement.
(o) The Company will file with the Commission such reports on Form SR
as may be required pursuant to Rule 463 under the 1933 Act.
(p) The Company will promptly register the Common Stock under Section
12(g) of the 1934 Act.
(q) The Company will use its best efforts to obtain approval for and
maintain quotation of the Common Stock on the OTC Bulletin Board of the Nasdaq
Stock Market effective on or prior to the Closing Date.
(r) The Bank will maintain appropriate arrangements for depositing all
funds received from persons mailing subscriptions for or orders to purchase
Common Stock in the Subscription Offering and Community Offering on an interest
bearing basis at the rate described in the Prospectus until the Closing Date and
satisfaction of all conditions precedent to the release of the Bank's obligation
to refund payments received from persons subscribing for or ordering Common
Stock in the Subscription Offering and Community Offering in accordance with the
Plan as described in the Prospectus or until refunds of such funds have been
made to the persons entitled thereto in accordance with
<PAGE>
Ryan, Beck & Co., Inc.
________________, 1998
Page 17
the Plan and as described in the Prospectus. The Bank will maintain such records
of all funds received to permit the funds of each subscriber to be separately
insured by the SAIF (to the maximum extent allowable) and to enable the Bank to
make appropriate refunds of such funds in the event that such refunds are
required to be made in accordance with the Plan and as described in the
Prospectus.
(s) The Company will take such actions and furnish such information as
are reasonably requested by the Agent in order for Ryan, Beck to ensure
compliance with the NASD's "Interpretation to Free Riding and Withholding."
(t) The Bank will not amend the Plan without the Agent's prior written
consent in any manner that, in the opinion of the Agent, would affect the sale
of the Common Stock or the terms of this Agreement, which approval shall not be
unreasonably withheld.
(u) The Company and the Bank will use all reasonable efforts to comply
with, or cause to be complied with, the conditions precedent to the several
obligations of the Agent specified in Section 9 hereof.
SECTION 6. Payment of Expenses. The Company and the Bank jointly and
severally agree to pay all expenses incident to the performance of the
obligations of the Company and the Bank under this Agreement, including the
following: (i) the preparation, issuance and delivery of certificates for the
Common Stock to the subscribers and purchasers in the Offerings; (ii) the fees
and disbursements of the Company's and the Bank's counsel, accountants and other
advisors; (iii) the qualification of the Common Stock under all applicable
securities or Blue Sky laws, including filing fees and the reasonable fees and
disbursements of counsel in connection therewith and in connection with the
preparation of a Blue Sky Survey; (iv) the printing and delivery to you in such
quantities as you shall reasonably request of copies of the Registration
Statement, the Prospectus and the Conversion Application and Holding Company
Application as originally filed and as amended or supplemented and all other
documents in connection with the Conversion and this Agreement; (v) the filing
fees incurred in connection with the review of the Registration Statement, the
Conversion Application, or any other application, form, or filing by the
Commission, the OTS and the NASD; (vi) the fees for listing the shares on the
OTC Bulletin Board of the Nasdaq Stock Market; (vii) the fees and expenses
relating to the appraisal; (viii) the fees and expenses relating to advertising
expenses, temporary personnel expenses, conversion center expenses, investor
meeting expenses, and other miscellaneous expenses relating to the marketing by
the Agent of the Common Stock; and (ix) the cost of printing all stock
certificates and all other documents applicable to the Conversion and the fees
and charges of any transfer agent, registrar and other agent. In the event that
the Agent incurs any of the above expenses on behalf of the Company or the Bank,
the Company or the Bank, as the case may be, shall pay or reimburse the Agent
for such
<PAGE>
Ryan, Beck & Co., Inc.
________________, 1998
Page 18
reasonable fees and expenses regardless of whether the Conversion is
successfully completed. The Agent will not incur any single expense exceeding
$2,000 pursuant to this paragraph without the prior authorization of the Company
or the Bank The Company and the Bank also shall pay or reimburse the Agent for
its legal fees not to exceed $12,500 and other out-of-pocket expenses. The
parties hereto acknowledge that such expense limitations may also be exceeded in
the event of a material delay in the offering that requires an update of
financial information contained in the Registration Statement for a period later
than September 30, 1997.
SECTION 7. Indemnification.
(a) The Bank and the Company jointly and severally agree to indemnify
and hold harmless the Agent, its officers, directors, agents, servants and
employees and each person, if any, who controls you within the meaning of
Section 15 of the 1933 Act or Section 20(a) of the 1934 Act, against any and all
loss, liability, claim, damage or expense whatsoever (including but not limited
to settlement expenses, subject to the limitation in the last sentence of
paragraph (c) below), joint or several, that the Agent or any of them may suffer
or to which the Agent or any of them may become subject under all applicable
federal and state laws or otherwise, and to promptly reimburse the Agent and any
such persons upon written demand for any expenses (including reasonable fees and
disbursements of counsel) incurred by the Agent or any of them in connection
with investigating, preparing or defending any actions, proceedings or claims
(whether commenced or threatened) to the extent such losses, claims, damages,
liabilities or actions: (i) arise out of or are based upon any untrue statement,
or alleged untrue statements, of any material fact contained in the Conversion
Application, Holding Company Application or the Registration Statement (the
"Applications"), (or any amendment or supplement thereto), the Prospectus (or
any amendment or supplement thereto), the Proxy Statement (or any amendment or
supplement thereto), or any Blue Sky application or other instrument or document
of the Bank or based upon written information supplied by the Bank or their
representatives (including counsel) in any state or jurisdiction to register or
qualify any or all of the shares of Common Stock under the securities laws
thereof (or any amendment or supplement thereto) (collectively, the "Blue Sky
Application"), or any application or other document, advertisement, or
communication prepared, made or executed by or on behalf of the Bank with its
consent after review ("Sales Information") or based upon written information or
statements furnished or made by or on behalf of the Bank or the Company, whether
or not filed in any jurisdiction in order to qualify or register the shares of
Common Stock under the securities law thereof; (ii) arise out of, or are based
upon, the omission or alleged omission to state in any of the foregoing
documents or information, a material fact required to be stated therein or
necessary to make the statements herein, in light of the circumstances under
which they were made, not misleading; or (iii) arise from any theory of
liability whatsoever relating to or arising from or based upon any Application
(or any amendment or supplement thereto), the Prospectus (or any amendment or
supplement thereto), the Proxy Statement (or any amendment
<PAGE>
Ryan, Beck & Co., Inc.
________________, 1998
Page 19
or supplement thereto), Blue Sky Application or Sales Information or other
documentation prepared by the Bank or the Company and distributed in connection
with the Offerings; except to the extent such losses, claims, damages,
liabilities or actions arise out of or are based upon any untrue material
statements or alleged untrue material statements in, or material omission or
alleged material omission from an Application (or any amendment or supplement
thereto), the Prospectus (or any amendment or supplement thereto), the Proxy
Statement (or any amendment or supplement thereto), Blue Sky Application, or
Sales Information made in reliance upon and in conformity with information
furnished in writing to the Bank by the Agent regarding the Agent expressly for
use in the Prospectus, which the Bank and the Company acknowledge includes only
the information contained in the Prospectus under the captions "Market for
Common Stock" and "The Conversion-Marketing Arrangements"; nor shall
indemnification be required for material oral misstatements to a purchaser of
shares of Common Stock made by the Agent, which are not based upon information
provided by the Bank orally or in writing or based upon information contained in
the Application (or any amendment or supplement thereto), the Prospectus (or any
amendment or supplement thereto), the Proxy Statement (or any amendments or
supplements thereto), Blue Sky Application or any Sales Information distributed
in connection with the Conversion. In addition, neither the Company nor the Bank
will be liable under the foregoing indemnification provision to the extent that
any loss, claim, damage, liability or action is found in a final judgment by a
court to have resulted from the Agent's bad faith or negligence in performing
the services to be performed by the Agent under this Agreement. Notwithstanding
the foregoing, the indemnification provided for in this paragraph (a) shall not
apply to the Bank to the extent that such indemnification by the Bank would
constitute a covered transaction under Section 23A of the Federal Reserve Act.
For purposes of this section, the term "expense" shall include, but not be
limited to, counsel fees and costs, court costs, out-of-pocket costs and
compensation for the time spent by the Agent's directors, officers, employees
and counsel according to his or her normal hourly billing rates. The foregoing
agreement to indemnify shall be in addition to any liability the Company may
otherwise have to the Agent or the persons entitled to the benefit of these
indemnification provisions.
(b) The Agent jointly and severally agrees to indemnify and hold
harmless the Bank, the Company, the directors, officers, agents, servants and
employees of each of them, and each person, if any, who controls the Bank or the
Company within the meaning of Section 15 of the 1933 Act or Section 20(a) of the
1934 Act against any and all loss, liability, claim, damage or expense
whatsoever (including but not limited to settlement expenses), joint or several,
which they, or any of them, may suffer or to which they, or any of them, may
become subject under all applicable federal and state laws or otherwise, and to
promptly reimburse the Bank or the Company, and any such persons upon written
demand for any expenses (including reasonable fees and disbursements of counsel)
incurred by them, or any of them, in connection with investigating, preparing or
defending any actions, proceedings or claims (whether commenced or threatened)
to the extent such losses, claims, damages, liabilities or actions: (i)
<PAGE>
Ryan, Beck & Co., Inc.
________________, 1998
Page 20
arise out of or are based upon any untrue statement or alleged untrue statement
of a material fact contained in any Application (or any amendment or supplement
thereto) or the Prospectus (or any amendment or supplement thereto), the Proxy
Statement (or any amendments or supplements thereto), or the Sales Information;
or (ii) arise out of or which are based upon the omission or alleged omission to
state in any of the foregoing documents a material fact required to be stated
therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading; provided, however,
that its obligations under this Section 7(b) shall exist only if, and only to
the extent, that such untrue statement or alleged untrue statement was made in,
or such material fact or alleged material fact was omitted from an Application
(or any amendment or supplement thereto), the Prospectus (or any amendment or
supplement thereto), the Proxy Statement (or any amendments or supplements
thereto), or the Sales Information in reliance upon and in conformity with
information furnished in writing to the Bank by the Agent or its representatives
(including counsel) expressly for use in the Prospectus, which the Bank and the
Company acknowledge includes only the information contained in the Prospectus
under the captions "Market for the Common Stock" and "The Conversion-Marketing
Arrangements." In addition, the Agent will not be liable under the foregoing
indemnification provision to the extent that any loss, claim, damage, liability
or action is found in a final judgment by a court to have resulted from the
Bank's bad faith or negligence.
(c) Each indemnified party shall give prompt written notice to each
indemnifying party of any action, proceeding, claim (whether commenced or
threatened), or suit instituted against it in respect of which indemnity may be
sought hereunder, but failure to so notify an indemnifying party shall not
relieve it from any liability which it may have on account of this Section 7 and
Section 8 herein. An indemnifying party may participate at its own expense in
the defense of such action. In addition, if it so elects within a reasonable
time after receipt of such notice, an indemnifying party, jointly with any other
indemnifying parties receiving such notice, may assume the defense of such
action with counsel chosen by it and reasonably acceptable to the indemnified
parties that are defendants in such action, unless such indemnified parties
reasonably object to such assumption on the ground that there may be legal
defenses available to them that are different from or in addition to those
available to such indemnifying party. If an indemnifying party assumes the
defense of such action, the indemnifying parties shall not be liable for any
fees and expenses of counsel for the indemnified parties incurred thereafter in
connection with such action, proceeding or claims, other than reasonable costs
of investigation. In no event shall the indemnifying parties be liable for the
fees and expenses of more than one firm of attorneys for the indemnified parties
(unless an indemnified party or parties shall have reasonably concluded that
there may be defenses available to it or them which are different from or
additional to those of the other indemnified parties) in connection with any one
action, proceeding or claim or separate but similar or related actions,
proceedings or claims in the same jurisdiction arising out of the
<PAGE>
Ryan, Beck & Co., Inc.
________________, 1998
Page 21
same general allegations or circumstances. The indemnifying party shall not be
liable for any settlement of such action, proceeding or suit effected without
its prior written consent.
(d) The agreement contained in this Section 7 and in Section 8 hereof
and the representations and warranties of the Bank and the Company set forth in
this Agreement shall remain operative and in full force and effect regardless
of: (i) any investigation made by or on behalf of the Agent or its officers,
directors or controlling persons, agents or employees or by or on behalf of-the
Bank, the Company or any officers, directors or controlling persons, agents or
employees of the Bank or the Company; (ii) delivery of and payment hereunder for
the shares of Common Stock; or (iii) any termination of this Agreement.
SECTION 8. Contribution. If the indemnification of an indemnified party
provided for in Section 7 of this Agreement is for any reason held
unenforceable, the Bank or the Company and the Agent agree to contribute to the
losses, claims, damages and liabilities for which such indemnification is held
unenforceable: (i) in such proportion as is appropriate to reflect the relative
benefits to the Bank or the Company, on the one hand, and the Agent, on the
other hand, of the Conversion as contemplated (whether or not the Conversion is
consummated), or (ii) if the application provided for in clause (i) is for any
reason held unenforceable, in such proportion as is appropriate to reflect not
only the relative benefits referred to in clause (i) above but also the relative
fault of the Bank or the Company, on the one hand, and the Agent, on the other
hand, as well as other equitable considerations. The Bank or the Company agrees
that for the purposes of this Section 8, the relative benefits of the Bank or
the Company and the Agent of the Conversion as contemplated shall be deemed to
be in the same proportion that the total net proceeds from the Conversion
received by the Bank or the Company in connection with the Conversion bear to
the total fees paid or to be paid to the Agent under this Agreement. No person
found guilty of any fraudulent misrepresentation (within the meaning of Section
11(f) of the 1933 Act) shall be entitled to contribution from any person who was
not found guilty of such fraudulent misrepresentation. For purposes of this
Section 8, each of the Agent's officers and directors and each person, if any,
who controls the Agent within the meaning of the 1933 Act and the 1934 Act shall
have the same rights to contribution as the Agent, and each person, if any, who
controls the Bank or the Company within the meaning of the 1933 Act and the 1934
Act, and each officer, director and each person, if any, who controls the Bank
or the Company, shall have the same rights to contribution as the Bank and the
Company. Any party entitled to contribution shall promptly after receipt of
notice of commencement of any action, suit, claim or proceeding against such
party in respect to which a claim for contribution may be made against another
party, notify such other party, but the omission to so notify such party shall
not relieve the party from whom contribution may be sought from any other
obligation it may have hereunder or otherwise than under this Section 8. The
Bank, the Company and the Agent agree that it would not be just and equitable if
contribution pursuant to this Section 8 were determined by pro rata allocation
or by other method of allocation that does not take into account the
<PAGE>
Ryan, Beck & Co., Inc.
________________, 1998
Page 22
equitable considerations referred to above in this Section 8. It is expressly
agreed that the Agent shall not be required to contribute to the Bank or the
Company for any loss, liability, claim, damage or expense any amount that in the
aggregate exceeds the amount paid to the Agent under this Agreement.
SECTION 9. Conditions of Your Obligations. Your obligations hereunder,
as to the Common Stock to be delivered at the Closing Date, are subject, in your
discretion, to the condition that all representations and warranties and other
statements of the Bank and the Company herein are, at and as of the commencement
of each of the Offerings and at and as of the Closing Date, true and correct in
all material respects, the condition that the Bank and the Company shall have
performed in all material respects all of its obligations hereunder to be
performed on or before such dates, and to the following further conditions.
(a) The Registration Statement shall have been declared effective by the
Commission not later than 5:30 p.m. on the _______________, 199_, or with your
consent at a later time and date; and at the Closing Date no stop order
suspending the effectiveness of the Registration Statement or the consummation
of the Conversion shall have been issued under the 1933 Act or proceedings
therefor initiated or threatened by the Commission or any state authority, and
no order or other action suspending the effectiveness of the Prospectus or the
consummation of the Conversion shall have been issued or proceedings therefor
initiated or threatened by the Commission, any state authority, the OTS or the
FDIC.
(b) At the Closing Date you shall have received the documents, certificates or
opinions.
(1) The favorable opinion, dated as of the Closing Date addressed to
the Agent and for its and its counsel's benefit, of Malizia, Spidi, Sloane
& Fisch, P.C., special counsel for the Company and the Bank, in form and
substance satisfactory to the Agent and its counsel, that opines as to
legal matters set forth below.
(i) The Company has been duly incorporated and is validly existing
as a corporation in good standing under the laws of the Commonwealth
of Pennsylvania. The Bank is duly organized and validly exists as a
federally chartered savings bank under the laws of the United States
of America and upon the Conversion will become a duly organized and
validly existing federally chartered savings bank in the capital stock
form of organization.
<PAGE>
Ryan, Beck & Co., Inc.
________________, 1998
Page 23
(ii) The Company and the Bank each has the corporate power
and authority to own, lease and operate its properties and to conduct
its business as described in the Registration Statement and
Prospectus; and the Company is duly qualified as a foreign corporation
to transact business and is in good standing in each jurisdiction
where it owns or leases any material properties or conducts any
material business.
(iii) The deposit accounts of the Bank are insured by the SAIF
up to applicable limits in accordance with applicable regulations;
and, to the best of such counsel's knowledge, no proceeding for the
termination or revocation of such insurance is pending or threatened.
The Bank is a member of the Federal Home Loan Bank of Pittsburgh.
(iv) Upon consummation of the Conversion, the authorized, issued
and outstanding capital stock of the Company will be within the range
set forth in the Registration Statement and the Prospectus under the
caption "Capitalization" and, to the best of such counsel's knowledge,
no shares of Common Stock have been issued prior to the Closing Date;
the shares of Common Stock to be sold in the Offerings, have been duly
and validly authorized for issuance and, when issued and delivered by
the Company against payment therefor as set forth in the Plan and
stated on the cover page of the Prospectus, will be duly and validly
issued and fully paid and nonassessable; and the issuance of the
shares of Common Stock is not subject to statutory preemptive rights.
(v) Upon consummation of the Conversion, all of the issued
and outstanding capital stock of the Bank will be duly authorized and
validly issued and fully paid and nonassessable, and all such capital
stock will be owned of record and, to such counsel's knowledge,
beneficially, by the Company free and clear of any security interest,
mortgage, pledge, lien, encumbrance, claim or equity.
(vi) The Company's acquisition of the Bank has been approved by
the OTS and, to the best of such counsel's knowledge, no action has
been taken or is pending or threatened to revoke such approval.
(vii) The Conversion Application, as amended or supplemented,
if amended or supplemented, as filed with the OTS, complied as to form
in all material respects with the requirements of the HOLA and the
Conversion Regulations. The OTS has authorized the Conversion, subject
to the satisfaction of the conditions set forth in its
<PAGE>
Ryan, Beck & Co., Inc.
________________, 1998
Page 24
approval and, to the best of such counsel's knowledge, no action has
been taken or is pending or threatened to revoke such authorization.
(viii) The OTS' approval of the Plan remains in full force and
effect; the Bank has duly adopted a federal stock charter and by-laws
effective upon consummation of the Conversion; to the best of such
counsel's knowledge, the Company and the Bank have conducted the
Conversion in all material respects in accordance with applicable
requirements of the Conversion Regulations, federal law, all other
applicable regulations, decisions and orders thereunder and the Plan,
including all material applicable terms, conditions, requirements and
conditions precedent to the Conversion imposed upon the Company and
the Bank by the Commission and the OTS; no order has been issued by
the Commission or the OTS to suspend the Offerings and no action for
such purpose has been instituted or, to the best of such counsel's
knowledge, threatened by the Commission or the OTS; and, to the best
of such counsel's knowledge, no person has sought to obtain review of
the final action of the OTS in approving the Conversion Application or
the Plan.
(ix) This Agreement has been duly authorized, executed and
delivered by the Company and the Bank.
(x) The Registration Statement is effective under the 1933 Act
and no stop order suspending effectiveness has been issued under the
1933 Act and, to the best of such counsel's knowledge, no proceedings
therefor have been initiated or threatened by the Commission.
(xi) Subject to satisfaction of conditions of the OTS in
connection with its approval of the Conversion Application and Holding
Company Application, no further approval, authorization, consent or
other order of any federal or state board or body is required in
connection with the execution and delivery of this Agreement, the
issuance of the shares of Common Stock and the consummation of the
Conversion, except as may be required under the securities or Blue Sky
laws of various jurisdictions as to which counsel need render no
opinion.
(xii) At the time the Registration Statement became effective, (i)
the Registration Statement (as amended or supplemented, if so amended
or supplemented) (other than the financial statements, stock valuation
information and other financial and statistical data included
<PAGE>
Ryan, Beck & Co., Inc.
________________, 1998
Page 25
therein, as to which no opinion need be rendered), complied as to form
in all material respects with the requirements of the 1933 Act and the
1933 Act Regulations and (ii) the Prospectus (other than the financial
statements, stock valuation information and other financial and
statistical data included therein, as to which no opinion need be
rendered) complied as to form in all material respects with the
requirements of the Conversion Regulations and federal law.
(xiii) The information in the Registration Statement and Prospectus
under the captions "Risk Factors - Anti-Takeover Provisions and
Statutory Provisions That Could Discourage Hostile Acquisitions of
Control", "The Conversion", "Regulation", "Taxation", "Restrictions on
Acquisition of SFSB Holding Company" and "Description of Capital
Stock" to the extent that it constitutes matters of law, summaries of
legal matters, documents or proceedings, or legal conclusions, has
been reviewed by such counsel and is correct in all material respects;
provided, however, that as it relates to the information under the
caption "Taxation" the opinion need only address matters of Federal
law.
(xiv) The terms and provisions of the Common Stock conform in all
material respects to the description thereof contained in the
Prospectus, and the form of certificate used to evidence the shares of
Common Stock is in due and proper form.
(xv) To the best of such counsel's knowledge, there are no
material contracts, indentures, loan agreements, notes, leases or
other instruments required to be described or referred to in the
Registration Statement and Prospectus or to be filed as exhibits
thereto other than those described or referred to therein or filed as
exhibits thereto.
(xvi) To the best of such counsel's knowledge, the Company and the
Bank have obtained all material federal licenses, permits and other
governmental authorizations currently required under HOLA for the
conduct of their respective businesses as described in the Prospectus
or the Registration Statement, and all such licenses, permits and
other governmental authorizations are in full force and effect.
(xvii) The Plan has been duly authorized by the Board of Directors
of the Company and the Board of Directors of the Bank and, effective
upon consummation of the Conversion, the Bank will be authorized to
issue capital stock.
<PAGE>
Ryan, Beck & Co., Inc.
________________, 1998
Page 26
(xviii) To the best of such counsel's knowledge, the Company is not
in violation of its articles of incorporation or in default in the
performance or observance of any obligation, agreement, covenant or
condition contained in any contract, indenture, mortgage, loan
agreement, note, lease or other instrument described in the Prospectus
or filed as an exhibit to the Registration Statement except for such
defaults or violations which would not have a material adverse impact
on the financial condition or results of operations of the Company and
the Bank taken as a whole; the execution and delivery of this
Agreement, the incurrence of the obligations herein set forth and the
consummation of the transactions contemplated herein have been duly
authorized by all necessary corporate action on the part of the
Company and will not conflict with or constitute a breach of, or
default under, or result in the creation or imposition of any material
lien, charge or encumbrance upon any property or assets of the Company
pursuant to any material contract, indenture, loan agreement, note,
lease or other instrument described in the Prospectus or filed as an
exhibit to the Registration Statement, nor will such action result in
any violation of the provisions of the articles of incorporation or
bylaws of the Company.
(xix) To the best of such counsel's knowledge, the Bank is not
in violation of its federal mutual charter (and the Bank will not be
in violation of its charter in stock form upon consummation of the
Conversion) or in default in the performance or observance of any
obligation, agreement, covenant or condition contained in any material
contract, indenture, loan agreement, note, lease or other instrument
described in the Prospectus or filed as an exhibit to the Registration
Statement except for such defaults or violations which would not have
a material adverse impact on the financial condition or results of
operations of the Company and the Bank taken as a whole; the execution
and delivery of this Agreement, the incurrence of the obligations
herein set forth and the consummation of the transaction contemplated
herein, will not conflict with or constitute a breach of, or default
under, or result in the creation or imposition of any material lien,
charge or encumbrance upon any property or assets of the Bank pursuant
to any material contract indenture, loan agreement, note, lease or
other instrument, described in the Prospectus or filed as an exhibit
to the Registration Statement, nor will such action result in any
violation of the provisions of the charter or bylaws of the Bank.
<PAGE>
Ryan, Beck & Co., Inc.
________________, 1998
Page 27
(xx) To the best of such counsel's knowledge, the Company and the
Bank are not in violation of any written directive from the OTS or the
FDIC to make any material change in the method of conducting their
businesses.
(xxi) Neither the Company nor the Bank is required to be registered
as an investment company under the Investment Company Act of 1940.
(xxii) Based on the certificate of the inspector of election, the
Plan has been duly adopted by the required vote of the members of the
Bank.
In rendering such opinion, such counsel may rely (A) as to matters
involving the application of laws of any jurisdiction or the United States, to
the extent such counsel deems proper and specified in such opinion, upon the
opinion of other counsel of good standing (providing that such counsel states
that the Agent and its counsel are justified in relying upon such specified
opinion or opinions), and (B) as to matters of fact, to the extent such counsel
deems proper, on certificates of responsible officers of the Company and the
Bank and public officials.
(2) The favorable opinion, dated as of the Closing Date and addressed
to Ryan Beck and for its benefit, of _____________________, the Bank's local
counsel, in form and substance to the effect that:
(i) The Bank has the corporate power and authority to own, operate
and lease its properties and to conduct its business as described in
the Registration Statement and Prospectus; and the Bank is duly
qualified as a foreign corporation to transact business and is in good
standing in each jurisdiction where it owns or leases any material
properties or conducts any material business.
(ii) There are no legal or governmental proceedings pending or, to
the best of such counsel's knowledge, threatened against the Company
or the Bank which are required to be disclosed in the Registration
Statement and Prospectus, other than those disclosed therein, and all
pending legal and governmental proceedings to which the Company or the
Bank is the subject which are not disclosed in the Registration
Statement, including ordinary routine litigation incidental to the
business, are, considered in the aggregate, not material.
<PAGE>
Ryan, Beck & Co., Inc.
________________, 1998
Page 28
(iii) The Company and the Bank have obtained all material state
and local licenses, permits and other governmental authorizations
currently required for the conduct of their respective businesses as
described in the Registration Statement and Prospectus, and all such
licenses, permits and other governmental authorizations are in full
force and effect, and the Company and the Bank are in all material
respects complying therewith.
(iv) To the best of such counsel's knowledge, the Company and the
Bank have good and marketable title to all properties and assets which
are material to the business of the Company and the Bank,
respectively, and to those properties and assets described in the
Registration Statement as owned by them, free and clear of all liens,
charges, encumbrances or restrictions, except such as are described in
the Registration Statement (including the Liquidation Account) or are
not material in relation to the business of the Company and the Bank
considered as one enterprise.
(3) the letter of special counsel for the Company and the Bank
addressed to the Agent, dated the Closing Date, in form and substance to the
effect that:
During the preparation of the Conversion Application, the
Registration Statement and the Prospectus, such counsel participated
in conferences with management of and the independent public
accountants for the Company and the Bank based upon such conferences
and a review of corporate records of the Company and the Bank as such
counsel conducted in connection with the preparation of the
Registration Statement, nothing has come to their attention that would
lead them to believe that, the Registration Statement, the Prospectus,
or any amendment or supplement thereto (other than the financial
statements, notes to financial statements, financial tables and other
financial and statistical data and stock valuation information
included therein, as to which such counsel need express no view),
contained an untrue statement of a material fact or omitted to state a
material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they
were made, not misleading.
(4) The favorable opinion, dated as of the Closing Date, of Tucker,
Arensberg, P.C., your counsel, with respect to such matters as you may
<PAGE>
Ryan, Beck & Co., Inc.
________________, 1998
Page 29
reasonably require. Such opinion may rely upon the opinions of counsel to the
Bank and the Company, and as to matters of fact, upon certificates of officers
and directors of the Company and the Bank delivered pursuant hereto or as such
counsel shall reasonably request.
(c) At the Closing Date, you shall receive a certificate of the Chief
Executive Officer and the Chief Financial Officer of the Company and of the
Chief Executive Officer; and Chief Financial Officer of the Bank, dated as of
such Closing Date, to the effect that: (i) since the respective dates as of
which information is given in the Registration Statement and the Prospectus,
there has been no material adverse change in the financial condition, results of
operations or business of the Company and the Bank considered as one enterprise,
whether or not arising in the ordinary course of business; (ii) the
representations and warranties in Section 4 of this Agreement are true and
correct with the same force and effect as though expressly made at and as of the
Closing Date; (iii) the Company and the Bank have complied with all agreements
and satisfied all conditions on their part to be performed or satisfied at or
prior to the Closing Date and will comply with all obligations to be satisfied
by them after the Conversion; (iv) no stop order suspending the effectiveness of
the Registration Statement has been initiated or threatened by the Commission or
any state authority; and (v) no order suspending any of the Offerings, the
Conversion, the acquisition of all of the shares of the Bank by the Company or
the effectiveness of the Prospectus has been issued and no proceedings for that
purpose have been initiated or threatened by the Commission, any state
authority, the FDIC or the OTS.
(d) Prior to and at the Closing Date: (i) there shall have been no
material adverse change in the financial condition, results of operations or
business of the Company or the Bank independently, or of the Company or the
Bank, considered as one enterprise, from that as of the latest dates as of which
such condition is set forth in the Prospectus, except as referred to therein;
(ii) there shall have been no material transaction entered into by the Company
and the Bank, considered as one enterprise, from the latest date as of which the
financial condition of the Company or the Bank is set forth in the Prospectus
other than transactions referred to or contemplated therein; (iii) the Company
or the Bank shall not have received from the FDIC or the OTS any direction (oral
or written) to make any material change in the method of conducting their
business with which it has not complied (which direction, if any, shall have
been disclosed to the Agent) or which materially and adversely would affect the
financial condition, results of operations or business of the Company or the
Bank; (iv) neither the Company nor the Bank shall have been in default (nor
shall an event have occurred which, with notice or lapse of time or both, would
constitute a default) under any provision of any agreement or instrument
relating to any outstanding indebtedness; (v) no action, suit or proceedings, at
law or in equity or before or by any federal or state
<PAGE>
Ryan, Beck & Co., Inc.
________________, 1998
Page 30
commission, board or other administrative agency, shall be pending or, to the
knowledge of the Company or the Bank, threatened against the Company or the Bank
or affecting any of their properties wherein an unfavorable decision, ruling or
finding would materially and adversely affect the financial condition, results
of operations or business of the Company or the Bank, taken as a whole; and (vi)
the shares of Common Stock shall have been qualified or registered for offering
and sale under the securities or blue sky laws of the jurisdictions as set forth
in the Preliminary Blue Sky Survey of the law firm of Malizia, Spidi, Sloane &
Fisch, P.C.
(e) Concurrently with the execution of this Agreement, the Agent, the
Company and the Bank shall receive a letter from La France, Walker, Jackley &
Saville dated _______________, 1998 and addressed to the Agent: (i) confirming
that La France, Walker, Jackley & Saville is a firm of independent public
accountants with respect to the Company and the Bank within the meaning of the
1933 Act and the 1933 Act Regulations and stating in effect that in its opinion
the financial statements of the Bank for the years ended December 31, 1996 and
1995, as are included in the Prospectus and, with respect to such audited
financial statements covered by its opinion included therein, comply as to form
in all material respects with the applicable accounting requirements of the 1933
Act, the 1934 Act and the related published rules and regulations of the
Commission thereunder and generally accepted accounting principles; (ii) stating
in effect that, on the basis of certain agreed upon procedures (but not an
examination in accordance with generally accepted auditing standards) consisting
of a reading of the latest available unaudited interim financial statements of
the Bank prepared by the Bank, a reading of the minutes of the meetings of the
Board of Directors and members of the Bank and consultations with officers of
the Bank responsible for financial and accounting matters, nothing came to its
attention which caused it to believe that: during the period from that date of
the latest audited financial statements included in the Prospectus to a
specified date not more than five business days prior to the date hereof, there
was any material increase in borrowings by the Company or the Bank (increases in
borrowings (which shall not include deposits) will not be deemed material if
such increase in total borrowings outstanding does not exceed $1.0 million); or
there was any material decrease in surplus and reserves of the Bank at the date
of such letter as compared with amounts shown in the latest audited statement of
condition included in the Prospectus or there was any material decrease in net
income or net interest income of the Bank for the number of full months
commencing immediately after the period covered by the latest audited income
statement included in the Prospectus and ended on the latest month end prior to
the date of the Prospectus or in such letter as compared to the corresponding
period in the preceding year; and (iii) stating that, in addition to the
examination referred to in its opinion included in the Prospectus and the
performance of the procedures referred to in clause (ii) of this subsection (e),
it has compared with the general accounting records of the Company
<PAGE>
Ryan, Beck & Co., Inc.
________________, 1998
Page 31
and/or the Bank, as applicable, which are subject to the internal controls of
the Company's and/or the Bank's, as applicable, accounting system and other data
prepared by the Company and/or the Bank, as applicable, directly from such
accounting records, to the extent specified in such letter, such amounts and/or
percentages set forth in the Prospectus as you may reasonably request; and they
have found such amounts and percentages to be in agreement therewith (subject to
rounding).
(f) At the Closing Date, you shall receive a letter from La France,
Walker, Jackley & Saville, dated the Closing Date, addressed to the Agent,
confirming the statements made by it in the letter delivered by it pursuant to
subsection (e) of this Section 9, the "specified date" referred to in clause
(ii) (C) thereof to be a date specified in such letter, which shall not be more
than five business days prior to the Closing Date.
(g) At the Closing Date, you shall have received a letter from FinPro,
dated as of the Closing Date, confirming its appraisal.
(h) At the Closing Date, your counsel shall have been furnished with
such documents and opinions as they may reasonably require for the purpose of
enabling them to pass upon the sale of the shares as herein contemplated and
related proceedings or in order to evidence the accuracy or completeness of any
of the representations or warranties, or the fulfillment of any of the
conditions, herein contained; and all proceedings taken by the Company or the
Bank in connection with the Conversion and the sale of the shares of Common
Stock as herein contemplated shall be satisfactory in form and substance to you
and your counsel.
(i) The Company and the Bank shall not have sustained since the date of
the latest audited financial statements included in the Registration Statement
and Prospectus any loss or interference with its business from fire, explosion,
flood or other calamity, whether or not covered by insurance, or from any labor
dispute or court or governmental action, order or decree, otherwise than as set
forth or contemplated in the Registration Statement or otherwise provided to the
Agent in writing and in any such case described above, is in your judgment
sufficiently material and adverse as to make it impracticable or inadvisable to
proceed with any of the Offerings or the delivery of the Common Stock on the
terms and in the manner contemplated in the Prospectus.
(j) Subsequent to the date hereof, there shall not have occurred any of
the following: (i) a suspension or limitation in trading in securities generally
on the New York Stock Exchange or American Stock Exchange or in the
over-the-counter market, or quotations halted generally on the Nasdaq Stock
Market, or minimum or maximum prices for trading have been fixed, or maximum
ranges for prices for securities have been required by either of such exchanges
or the NASD or by order of the commission
<PAGE>
Ryan, Beck & Co., Inc.
________________, 1998
Page 32
or any other governmental authority; (ii) a general moratorium on the operation
of commercial banks, federal savings and loan associations or savings and loan
associations in Pennsylvania or a general moratorium on the withdrawal of
deposits from commercial banks, federal savings and loan associations or savings
and loan associations in Pennsylvania declared by either federal or Pennsylvania
authorities; (iii) the engagement by the United States in hostilities which have
resulted in the declaration, on or after the date hereof, of a national
emergency or war; or (iv) a material decline in the price of equity or debt
securities if the effect of such a decline, in your judgment, makes it
impracticable or inadvisable to proceed with any of the Offerings or the
delivery of the shares of Common Stock on the terms and in the manner
contemplated in the Prospectus.
If any of the conditions specified in this Section 9 shall not have
been fulfilled when and as required by this Agreement, or by September 30, 1998,
this Agreement and all of your obligations hereunder may be canceled by you by
notifying the Bank of such cancellation in writing or by telegram at any time at
or prior to the Closing Date, and any such cancellation shall be without
liability of any party to any other party except as otherwise provided in
Sections 1, 6, 7 and 8 hereof. Notwithstanding the above, if this Agreement is
canceled pursuant to this paragraph, the Bank and the Company jointly and
severally agree to reimburse you for all of your out-of-pocket expenses
reasonably incurred by you, including any legal fees to be paid to the Agent's
counsel which shall not exceed $12,500, and an advisory and administrative
services fee of $25,000 in connection with the preparation of the Registration
Statement and the Prospectus, and in contemplation of the proposed Offerings.
SECTION 10. Termination.
(a) In the event the Company fails to sell all of the Common Stock
within the period specified, and in accordance with the provisions of the Plan
or as required by the Conversion Regulations, this Agreement shall terminate
upon refund by the Bank to each person who has subscribed for or ordered any of
the Common Stock the full amount which it may have received from such person,
together with interest as provided in the Prospectus, and no party to this
Agreement shall have any obligation to the other hereunder, except for payment
by the Bank and/or the Company as set forth in Sections 1, 6, 7 and 8 hereof.
(b) This Agreement may be terminated by the Agent, with respect to the
Agent's obligations hereunder, by notifying the Company at any time at or prior
to the Closing Date, if any of the conditions specified in Section 9 hereof
shall not have been fulfilled when and as required by this Agreement or if the
Conversion has not been completed by September 30, 1998.
<PAGE>
Ryan, Beck & Co., Inc.
________________, 1998
Page 33
SECTION 11. Survival. The respective indemnities, agreements,
representations, warranties and other statements of the Bank, the Company and
you, as set forth in this Agreement, shall remain in full force and effect,
regardless of any investigation (or any statement as to the results thereof)
made by or on behalf of you or any of your officers or directors of any person
controlling you, or the Bank or the Company, or any officer, director or person
controlling the Bank or the Company, and shall survive termination of this
Agreement and the receipt or delivery of any payment for the shares of Common
Stock.
SECTION 12. Miscellaneous. Notices hereunder, except as otherwise
provided herein, shall be given in writing or by telegraph, addressed (a) to the
Agent at 150 Monument Road, Suite 106, Bala Cynwyd, Pennsylvania 19004-1725
(Attention: Richard Weiss), with copies to Tucker Arensberg, P.C., One PPG
Place, Suite 1500, Pittsburgh, Pennsylvania 15222 (Attention: Daniel J. Perry,
Esq.) and (b) to the Bank and the Company at the Bank's principal office
(Attention: Barbara J. Mallen), President), with a copy to Malizia, Spidi,
Sloane & Fisch, P.C., 1301 K Street, N.W., Suite 700 East, Washington, D.C.
20005 (Attention: Samuel J. Malizia, Esq.).
This Agreement is made solely for the benefit of and will be binding
upon the parties hereto and their respective successors and the controlling
persons, directors and officers referred to in Section 7 hereof, and no other
person will have any right or obligation hereunder. The term "successors" shall
not include any purchaser of any of the shares of Common Stock.
Capitalized terms used herein but not herein defined shall have the
meanings ascribed to them in the Plan, unless the context hereof clearly
indicates otherwise.
This Agreement shall be governed by and construed in accordance with
the laws of the Commonwealth of Pennsylvania.
Time shall be of the essence of this Agreement.
This Agreement may be signed in various counterparts which together
will constitute one agreement.
<PAGE>
Ryan, Beck & Co., Inc.
_______________, 1998
Page 34
If the foregoing correctly sets forth the arrangement among the
Company, the Bank and the Agent, please indicate acceptance thereof in the space
provided below for that purpose, whereupon this letter and your acceptance shall
constitute a binding agreement.
SFSB HOLDING COMPANY, STANTON FEDERAL SAVINGS BANK,
a Pennsylvania corporation a federal savings bank
By: By:
--------------------------------------- -------------------------------
Barbara J. Mallen Barbara J. Mallen
President President
Accepted as of the date first above written.
RYAN, BECK & CO., INC.
By:
--------------------------------------
Richard Weiss
First Vice President
EXHIBIT 5.2
<PAGE>
[FINPRO LOGO] 26 Church Street - P.O. Box 323
Liberty Corner, NJ 07938
(908) 604-9336 - (908) 694-5951 (FAX)
December 15, 1997
Board of Directors
Stanton Federal Savings Bank
900 Saxonburg Boulevard
Pittsburgh, Pennsylvania 15223
Dear Board Members:
All capitalized terms not otherwise defined in this letter have the meanings
given such terms in the Plan of Conversion adopted by the Board of Directors of
Stanton Federal Savings Bank (the "Bank"), whereby the Bank will convert from a
chartered mutual savings bank to a chartered stock savings bank and issue all of
the Banks's stock to SFSB Holding Company (the "Holding Company").
Simultaneously, the Holding Company will issue shares of common stock.
We understand that in accordance with the Plan of Conversion, Subscription
Rights to purchase shares of the Bank's Common Stock in the Holding Company are
to be issued to (i) Eligible Account Holders, (ii) the ESOP, (iii) Supplemental
Eligible Account Holders, and (iv) Other Members. Based solely on our
observation that the Subscription Rights will be available to such Recipients
without cost, will be legally non-transferable and of short duration, and will
afford such parties the right only to purchase shares of Common Stock at the
same price as will be paid by members of the general public in the Community
Offering, but without undertaking any independent investigation of state or
federal law or the position of the Internal Revenue Service with respect to this
issue, we are of the opinion that:
the Subscription Rights will have no ascertainable market value; and
the price at which the Subscription Rights are excercisable will not
be more or less than the pro forma market value of the shares upon
issuance.
Changes in the local and national economy, the legislative and regulatory
environment, the stock market, interest rates, and other external forces (such
as natural disasters or significant world events) may occur from time to time,
often with great unpredictability and may materially impact the value of thrift
stocks as a whole or the Bank's value alone. Accordingly, no assurance can be
given that persons who subscribe to shares of Common Stock in the Conversion
will thereafter be able to buy or sell such shares at the same price paid in the
Subscription Offering.
Very Truly Yours,
FinPro, Inc.
/s/Donald J. Musso
Donald J. Musso
President
EXHIBIT 10
<PAGE>
EMPLOYMENT AGREEMENT
THIS AGREEMENT, is entered into this 18th day of November 1997,
("Effective Date") by and between Stanton Federal Savings Bank (the "Bank") and
Barbara J. Mallen (the "Executive").
WITNESSETH
WHEREAS, the Executive has heretofore been employed by the Bank as the
President and is experienced in all phases of the business of the Bank; and
WHEREAS, the Bank desires to be ensured of the Executive's continued
active participation in the business of the Bank; and
WHEREAS, in order to induce the Executive to remain in the employ of
the Bank and in consideration of the Executive's agreeing to remain in the
employ of the Bank, the parties desire to specify the continuing employment
relationship between the Bank and the Executive;
NOW THEREFORE, in consideration of the premises and the mutual
agreements herein contained, the parties hereby agree as follows:
1. Employment. The Bank hereby employs the Executive in the capacity of
President. The Executive hereby accepts said employment and agrees to render
such administrative and management services to the Bank and to any to-be-formed
parent holding company ("Parent") as are currently rendered and as are
customarily performed by persons situated in a similar executive capacity. The
Executive shall promote the business of the Bank and Parent. The Executive's
other duties shall be such as the Board of Directors for the Bank (the "Board of
Directors" or "Board") may from time to time reasonably direct, including normal
duties as an officer of the Bank.
2. Term of Employment. The term of employment of Executive under this
Agreement shall be for the period commencing on the Effective Date and ending
November 18, 2000 thereafter ("Term"). Additionally, on, or before, each annual
anniversary date from the Effective Date, the Term of employment under this
Agreement shall be extended for up to an additional period beyond the then
effective expiration date upon a determination and resolution of the Board of
Directors that the performance of the Executive has met the requirements and
standards of the Board, and that the Term of such Agreement shall be extended.
References herein to the Term of this Agreement shall refer both to the initial
term and successive terms.
<PAGE>
3. Compensation, Benefits and Expenses.
(a) Base Salary. The Bank shall compensate and pay the Executive
during the Term of this Agreement a minimum base salary at the rate of
$96,000.00 per annum ("Base Salary"), payable in cash not less frequently than
bi-weekly; provided, that the rate of such salary shall be reviewed by the Board
of Directors not less often than annually, and the Executive shall be entitled
to receive increases at such percentages or in such amounts as determined by the
Board of Directors. The base salary may not be decreased without the Executive's
express written consent.
(b) Discretionary Bonus. The Executive shall be entitled to
participate in an equitable manner with all other senior management employees of
the Bank in discretionary bonuses that may be authorized and declared by the
Board of Directors to its senior management executives from time to time. No
other compensation provided for in this Agreement shall be deemed a substitute
for the Executive's right to participate in such discretionary bonuses when and
as declared by the Board.
(c) Participation in Benefit and Retirement Plans. The Executive
shall be entitled to participate in and receive the benefits of any plan of the
Bank which may be or may become applicable to senior management relating to
pension or other retirement benefit plans, profit-sharing, stock options or
incentive plans, or other plans, benefits and privileges given to employees and
executives of the Bank, to the extent commensurate with his then duties and
responsibilities, as fixed by the Board of Directors of the Bank.
(d) Participation in Medical Plans and Insurance Policies. The
Executive shall be entitled to participate in and receive the benefits of any
plan or policy of the Bank which may be or may become applicable to senior
management relating to life insurance, long term disability, medical, dental,
eye-care, prescription drugs or medical reimbursement plans.
(e) Vacations and Sick Leave. The Executive shall be entitled to
paid annual vacation leave in accordance with the policies as established from
time to time by the Board of Directors, which shall in no event be less than
five weeks per annum. The Executive shall also be entitled to an annual sick
leave benefit as established by the Board for senior management employees of the
Bank.
(f) Expenses. The Bank shall reimburse the Executive or otherwise
provide for or pay for all reasonable expenses incurred by the Executive in
furtherance of, or in connection with the business of the Bank, including, but
not by way of limitation, automobile and traveling expenses, and all reasonable
entertainment expenses, subject to such reasonable documentation and other
limitations as may be established by the Board of Directors of the Bank. If such
expenses are paid in the first instance by the Executive, the Bank shall
reimburse the Executive therefor.
2
<PAGE>
(g) Changes in Benefits. The Bank shall not make any changes in
such plans, benefits or privileges previously described in Section 3(c), (d) and
(e) which would adversely affect the Executive's rights or benefits thereunder,
unless such change occurs pursuant to a program applicable to all executive
officers of the Bank and does not result in a proportionately greater adverse
change in the rights of, or benefits to, the Executive as compared with any
other executive officer of the Bank. Nothing paid to Executive under any plan or
arrangement presently in effect or made available in the future shall be deemed
to be in lieu of the salary payable to Executive pursuant to Section 3(a)
hereof.
4. Loyalty; Noncompetition.
(a) The Executive shall devote his full time and attention to the
performance of his employment under this Agreement. During the term of the
Executive's employment under this Agreement, the Executive shall not engage in
any business or activity contrary to the business affairs or interests of the
Bank or Parent.
(b) Nothing contained in this Section 4 shall be deemed to
prevent or limit the right of Executive to invest in the capital stock or other
securities of any business dissimilar from that of the Bank or Parent, or,
solely as a passive or minority investor, in any business.
5. Standards. During the term of this Agreement, the Executive shall
perform his duties in accordance with such reasonable standards expected of
executives with comparable positions in comparable organizations and as may be
established from time to time by the Board of Directors.
6. Termination and Termination Pay. The Executive's employment under
this Agreement shall be terminated upon any of the following occurrences:
(a) The death of the Executive during the term of this Agreement,
in which event the Executive's estate shall be entitled to receive the
compensation due the Executive through the last day of the calendar month in
which Executive's death shall have occurred.
(b) The Board of Directors may terminate the Executive's
employment at any time, but any termination by the Board of Directors other than
termination for Just Cause, shall not prejudice the Executive's right to
compensation or other benefits under the Agreement. The Executive shall have no
right to receive compensation or other benefits for any period after termination
for Just Cause. The Board may within its sole discretion, acting in good faith,
terminate the Executive for Just Cause and shall notify such Executive
accordingly. Termination for "Just Cause" shall include termination because of
the Executive's personal dishonesty, incompetence, willful misconduct, breach of
fiduciary duty involving personal profit, intentional failure to perform stated
duties, willful violation of any law, rule or regulation (other than traffic
violations or similar offenses) or final cease-and-desist order, or material
breach of any provision of the Agreement.
3
<PAGE>
(c) Except as provided pursuant to Section 9 hereof, in the event
Executive's employment under this Agreement is terminated by the Board of
Directors without Just Cause, the Bank shall be obligated to continue to pay the
Executive the salary provided pursuant to Section 3(a) herein, up to the date of
termination of the remaining Term of this Agreement, but in no event for a
period of less than twelve months, and the cost of Executive obtaining all
health, life, disability, and other benefits which the Executive would be
eligible to participate in through such date based upon the benefit levels
substantially equal to those being provided Executive at the date of termination
of employment.
(d) The voluntary termination by the Executive during the term of
this Agreement with the delivery of no less than 60 days written notice to the
Board of Directors, other than pursuant to Section 9(b), in which case the
Executive shall be entitled to receive only the compensation, vested rights, and
all employee benefits up to the date of such termination.
7. Regulatory Exclusions.
(a) If the Executive is suspended and/or temporarily prohibited from
participating in the conduct of the Bank's affairs by a notice served under
Section 8(e)(3) or (g)(1) of the FDIA (12 U.S.C. 1818(e)(3) and (g)(1)), the
Bank's obligations under the Agreement shall be suspended as of the date of
service, unless stayed by appropriate proceedings. If the charges in the notice
are dismissed, the Bank may within its discretion (i) pay the Executive all or
part of the compensation withheld while its contract obligations were suspended
and (ii) reinstate any of its obligations which were suspended.
(b) If the Executive is removed and/or permanently prohibited from
participating in the conduct of the Bank's affairs by an order issued under
Sections 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act ("FDIA") (12
U.S.C. 1818(e)(4) and (g)(1)), all obligations of the Bank under this Agreement
shall terminate, as of the effective date of the order, but the vested rights of
the parties shall not be affected.
(c) If the Bank is in default (as defined in Section 3(x)(1) of FDIA)
all obligations under this Agreement shall terminate as of the date of default,
but this paragraph shall not affect any vested rights of the contracting
parties.
(d) All obligations under this Agreement shall be terminated, except to
the extent determined that continuation of this Agreement is necessary for the
continued operation of the Bank: (i) by the Director of the Office of Thrift
Supervision ("Director of OTS"), or his or her designee, at the time that the
Federal Deposit Insurance Corporation ("FDIC") enters into an agreement to
provide assistance to or on behalf of the Bank under the authority contained in
Section 13(c) of FDIA; or (ii) by the Director of the OTS, or his or her
designee, at the time that the Director of the OTS, or his or her designee
approves a supervisory merger to resolve problems related to operation of the
Bank or when the Bank is determined by the Director of the OTS to be in an
unsafe or unsound condition. Any rights of the parties that have already vested,
however, shall not be affected by such action.
4
<PAGE>
(e) Notwithstanding anything herein to the contrary, any payments made
to the Executive pursuant to the Agreement, or otherwise, shall be subject to
and conditioned upon compliance with 12 USC ss.1828(k) and any regulations
promulgated thereunder.
8. Disability. If the Executive shall become disabled or incapacitated
to the extent that he is unable to perform his duties hereunder, by reason of
medically determinable physical or mental impairment, as determined by a doctor
engaged by the Board of Directors, Executive shall nevertheless continue to
receive the compensation and benefits provided under the terms of this Agreement
as follows: 100% of such compensation and benefits for a period of 12 months,
but not exceeding the remaining term of the Agreement, and 65% thereafter for
the remainder of the term of the Agreement. Such benefits noted herein shall be
reduced by any benefits otherwise provided to the Executive during such period
under the provisions of disability insurance coverage in effect for Bank
employees. Thereafter, Executive shall be eligible to receive benefits provided
by the Bank under the provisions of disability insurance coverage in effect for
Bank employees. Upon returning to active full-time employment, the Executive's
full compensation as set forth in this Agreement shall be reinstated as of the
date of commencement of such activities. In the event that the Executive returns
to active employment on other than a full-time basis, then his compensation (as
set forth in Section 3(a) of this Agreement) shall be reduced in proportion to
the time spent in said employment, or as shall otherwise be agreed to by the
parties.
9. Change in Control.
(a) Notwithstanding any provision herein to the contrary, in the
event of the involuntary termination of Executive's employment during the term
of this Agreement following any Change in Control of the Bank or Parent, or
within 24 months thereafter of such Change in Control, absent Just Cause,
Executive shall be paid an amount equal to the product of 2.99 times the
Executive's "base amount" as defined in Section 280G(b)(3) of the Internal
Revenue Code of 1986, as amended (the "Code") and regulations promulgated
thereunder. Said sum shall be paid, at the option of Executive, either in one
(1) lump sum within thirty (30) days of such termination of service or in
periodic payments over the next 36 months or the remaining term of this
Agreement whichever is less, as if Executive's employment had not been
terminated, and such payments shall be in lieu of any other future payments
which the Executive would be otherwise entitled to receive under Section 6 of
this Agreement. Notwithstanding the forgoing, all sums payable hereunder shall
be reduced in such manner and to such extent so that no such payments made
hereunder when aggregated with all other payments to be made to the Executive by
the Bank or the Parent shall be deemed an "excess parachute payment" in
accordance with Section 280G of the Code and be subject to the excise tax
provided at Section 4999(a) of the Code. The term "Change in Control" shall
refer to (i) the control of voting proxies whether related to stockholders or
mutual members by any person, other than the Board of Directors of the Savings
Bank, to direct more than 25% of the outstanding votes of the Savings Bank, the
control of the election of a majority of the Savings Bank's directors, or the
exercise of a controlling influence over the management or policies of the
Savings Bank by any person or by persons acting as a group within the meaning of
Section 13(d) of the Exchange Act, (ii) an event
5
<PAGE>
whereby the OTS, FDIC or any other department, agency or quasi-agency of the
federal government cause or bring about, without the consent of the Savings
Bank, a change in the corporate structure or organization of the Savings Bank;
(iii) an event whereby the OTS, FDIC or any other agency or quasi-agency of the
federal government cause or bring about, without the consent of the Savings
Bank, a taxation or involuntary distribution of retained earnings or proceeds
from the sale of securities to depositors, borrowers, any government agency or
organization or civic or charitable organization; or (iv) a merger or other
business combination between the Savings Bank and another corporate entity
whereby the Savings Bank is not the surviving entity. In the event that the
Savings Bank shall convert in the future from mutual-to-stock form, the term
"Change in Control" shall also refer to: (i) the sale of all, or a material
portion, of the assets of the Savings Bank or the Parent; (ii) the merger or
recapitalization of the Savings Bank or the Parent whereby the Savings Bank or
the Parent is not the surviving entity; (iii) a change in control of the Savings
Bank or the Parent, as otherwise defined or determined by the Office of Thrift
Supervision or regulations promulgated by it; or (iv) the acquisition, directly
or indirectly, of the beneficial ownership (within the meaning of that term as
it is used in Section 13(d) of the Securities Exchange Act of 1934 and the rules
and regulations promulgated thereunder) of twenty-five percent (25%) or more of
the outstanding voting securities of the Savings Bank or the Parent by any
person, trust, entity or group. The term "person" means an individual other than
the Executive, or a corporation, partnership, trust, association, joint venture,
pool, syndicate, sole proprietorship, unincorporated organization or any other
form of entity not specifically listed herein.
(b) Notwithstanding any other provision of this Agreement to the
contrary, Executive may voluntarily terminate his employment during the term of
this Agreement following a Change in Control of the Bank or Parent, or within
twenty-four months following such Change in Contriol, and Executive shall
thereupon be entitled to receive the payment described in Section 9(a) of this
Agreement, upon the occurrence, or within 120 days thereafter, of any of the
following events, which have not been consented to in advance by the Executive
in writing: (i) if Executive would be required to move his personal residence or
perform his principal executive functions more than thirty-five (35) miles from
the Executive's primary office as of the signing of this Agreement; (ii) if in
the organizational structure of the Bank, Executive would be required to report
to a person or persons other than the Board of Directors of the Bank or the
Chairman of the Board; (iii) if the Bank should fail to maintain Executive's
base compensation in effect as of the date of the Change in Control and the
existing employee benefits plans, including material fringe benefit, stock
option and retirement plans; (iv) if Executive would be assigned duties and
responsibilities other than those normally associated with his position as
referenced at Section 1, herein; (v) if Executive's responsibilities or
authority have in any way been materially diminished or reduced; or (vi) if
Executive would not be reelected to the Board of Directors of the Bank.
10. Withholding. All payments required to be made by the Bank hereunder
to the Executive shall be subject to the withholding of such amounts, if any,
relating to tax and other payroll deductions as the Bank may reasonably
determine should be withheld pursuant to any applicable law or regulation.
6
<PAGE>
11. Successors and Assigns.
(a) This Agreement shall inure to the benefit of and be binding
upon any corporate or other successor of the Bank or Parent which shall acquire,
directly or indirectly, by merger, consolidation, purchase or otherwise, all or
substantially all of the assets or stock of the Bank or Parent.
(b) Since the Bank is contracting for the unique and personal
skills of the Executive, the Executive shall be precluded from assigning or
delegating his rights or duties hereunder without first obtaining the written
consent of the Bank.
12. Amendment; Waiver. No provisions of this Agreement may be modified,
waived or discharged unless such waiver, modification or discharge is agreed to
in writing, signed by the Executive and such officer or officers as may be
specifically designated by the Board of Directors of the Bank to sign on its
behalf. No waiver by any party hereto at any time of any breach by any other
party hereto of, or compliance with, any condition or provision of this
Agreement to be performed by such other party shall be deemed a waiver of
similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time.
13. Governing Law. The validity, interpretation, construction and
performance of this Agreement shall be governed by the laws of the United States
where applicable and otherwise by the substantive laws of the State of
Pennsylvania.
14. Nature of Obligations. Nothing contained herein shall create or
require the Bank to create a trust of any kind to fund any benefits which may be
payable hereunder, and to the extent that the Executive acquires a right to
receive benefits from the Bank hereunder, such right shall be no greater than
the right of any unsecured general creditor of the Bank.
15. Headings. The section headings contained in this Agreement are for
reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement.
16. Severability. The provisions of this Agreement shall be deemed
severable and the invalidity or unenforceability of any provision of this
Agreement shall not affect the validity or enforceability of the other
provisions of this Agreement, which shall remain in full force and effect.
17. Arbitration. Any controversy or claim arising out of or relating to
this Agreement, or the breach thereof, shall be settled by arbitration in
accordance with the rules then in effect of the district office of the American
Arbitration Association ("AAA") nearest to the home office of the Bank, and
judgment upon the award rendered may be entered in any court having jurisdiction
thereof, except to the extent that the parties may otherwise reach a mutual
settlement of such issue. Further, the settlement of the dispute to be approved
by the Board of the Bank may include a provision for the reimbursement by the
Bank to the Executive for all reasonable costs and expenses, including
reasonable attorneys' fees, arising from such dispute, proceedings or actions,
or the Board of the Bank or the Parent may authorize such reimbursement of such
7
<PAGE>
reasonable costs and expenses by separate action upon a written action and
determination of the Board following settlement of the dispute. Such
reimbursement shall be paid within ten (10) days of Executive furnishing to the
Bank or Parent evidence, which may be in the form, among other things, of a
canceled check or receipt, of any costs or expenses incurred by Executive.
18. Entire Agreement. This Agreement together with any understanding or
modifications thereof as agreed to in writing by the parties, shall constitute
the entire agreement between the parties hereto.
8
EXHIBIT 10.2
<PAGE>
STANTON FEDERAL SAVINGS BANK
SUPPLEMENTAL RETIREMENT PLAN
FOR THE BENEFIT OF BARBARA J. MALLEN
WHEREAS, Stanton Federal Savings Bank ("Bank") wishes to reward the
years of prior service provided by Barbara J. Mallen, President ("Participant")
and to continue to retain and to motivate his performance and dedication to the
Bank and its Board of Directors, and
WHEREAS, it is deemed advisable and in the best interests of the Bank
to offer such Participant with additional financial incentives in the form of
deferred compensation to encourage such continued employment service to the
Bank, and whereas an analysis of the retirement plan of the Bank indicates that
such Participant would receive a significant reduction in her retirement
benefits in the event that her employment with the Bank terminates prior to
attainment of age 65, whether voluntarily or as part of a sale or merger of the
Bank;
NOW THEREFORE, BE IT RESOLVED that the Stanton Federal Savings Bank
Supplemental Retirement Plan for the Benefit of Barbara J. Mallen ("Plan"), be
adopted and implemented effective December 16, 1997, as follows:
ARTICLE I
DEFINITIONS
The following words and phrases as used herein shall, for the purpose
of this Plan and any subsequent amendment thereof, have the following meanings
unless a different meaning is plainly required by the content, as follows:
1.1 "Bank" or "Savings Bank" means Stanton Federal Savings Bank,
Pittsburgh, Pennsylvania, or any successor thereto.
1.2 "Beneficiary" shall mean the Participant's surviving spouse, if
any. If there shall be no surviving spouse, then all benefits payable in
accordance with the Plan shall cease as of the Participant's death.
1.3 "Board" means the Board of Directors of the Bank, as constituted
from time to time and successors thereto.
1.4 "Change in Control" means : (i) the ownership, holding, or power to
vote more than 25% of the Savings Bank's (or any parent holding company's)
outstanding voting stock by any person; (ii) the control of the election of a
majority of the Savings Bank's (or its parent holding company's) directors; or
(iii) the exercise of a controlling influence over the management or policies of
the Savings Bank by any person or by persons acting as a group within the
meaning of Section 13(d) of the Exchange Act. Change in Control shall also mean:
(i) the sale of all, or a material portion, of the assets of the Savings Bank;
(ii) the merger or recapitalization of the Savings Bank or any merger or
recapitalization whereby the Savings Bank
<PAGE>
is not the surviving entity; (iii) a change in control of the Savings Bank, as
otherwise defined or determined by the applicable federal banking regulator
having supervisory jurisdiction over the Savings Bank, or regulations
promulgated by it; or (iv) the acquisition, directly or indirectly, of the
beneficial ownership (within the meaning of that term as it is used in Section
13(d) of the Exchange Act and the rules and regulations promulgated thereunder)
of twenty-five percent (25%) or more of the outstanding voting securities of the
Savings Bank by any person, trust, entity or group. This limitation shall not
apply to the purchase of shares by underwriters in connection with a public
offering of the Savings Bank stock (or its parent holding company's stock), or
the purchase of shares of up to twenty-five percent (25%) of any class of
securities of the Savings Bank by a tax-qualified employee stock benefit plan.
The term "person" refers to an individual or a corporation, partnership, trust,
association, joint venture, pool, syndicate, sole proprietorship, unincorporated
organization or any other form of entity not specifically listed herein. The
decision of the Committee as to whether a change in control has occurred shall
be conclusive and binding. However, a change in control shall not be deemed to
have occurred as a result of a holding company reorganization of the Savings
Bank and simultaneous acquisition of more than 50% of the Savings Bank's stock
(following the Savings Bank's conversion to stock form) by a parent savings and
loan holding company or bank holding company.
1.5 "Committee" means the Board or the administrative committee as
appointed by the Board pursuant to Section 8.11 herein.
1.6 "Director" means a member of the Board of the Bank.
1.7 "Disability" (total and permanent disability) means a mental or
physical disability which prevents the Participant from performing the normal
duties of his or her position with the Bank. Such disability must have prevented
the Participant from performing his or her duties for at least six months, and a
physician satisfactory to both the Participant and the Bank must certify that
the Participant is disabled from performing his or her normal duties with the
Bank.
1.8 "Effective Date" means December 16, 1997.
1.9 "Participant" means Barbara J. Mallen, President of the Bank. Such
participation shall continue as long as such Participant fulfills all
requirements for participation subject to the right of termination, amendment
and modification of the Plan hereinafter set forth.
1.10 "Pension Plan" means the tax-qualified defined benefit plan
sponsored by the Bank for the benefit of the Bank's employees in effect as of
the Effective Date. All terms and definitions not otherwise defined in the Plan
shall be defined as set forth in the Pension Plan.
1.11 "Plan" means the Stanton Federal Savings Bank Supplemental
Retirement Plan for the Benefit of Barbara J. Mallen, as herein set forth, as
may be amended from time to time.
2
<PAGE>
1.12 "Retirement Date" means the first day of the calendar month
following attainment of age 58 of the Participant or thereafter whereby the
Participant retires as an employee of the Bank.
1.13 "Service" means all years of service as an employee of the Bank
and all predecessor and successor entities. Years of service need not be
continuous. All years of service prior to the Effective Date shall be recognized
for benefits determination.
1.14 "Trust" shall mean any trust agreement entered into on behalf of
the Plan by the Bank for the purpose of holding assets of the Bank in order to
promote the efficient administration of the Plan.
ARTICLE II
BENEFITS
2.1 Retirement. Upon a Participant's termination from service as an
employee of the Bank on or after the Retirement Date, the Bank shall pay to the
participant a benefit in an amount approved by the Board and set forth herein at
Article II, Section 2.4, commencing on the first business day of the calendar
month commencing on or after the Retirement Date. Except as provided at Article
II, Section 2.2, 2.3 and 2.5 herein, upon a Participant's termination from
service as an employee of the Bank prior to the Retirement Date, the Bank shall
have no financial obligations to the Participant under the Plan.
2.2 Disability. In the event of the Disability of the Participant, the
Participant will be entitled to a benefit equal to 100% of the amount specified
at Article II, Section 2.4, payable on the first day of the month following
certification of such Disability based upon actual years of service completed as
of such date and without regard to any other provisions herein to the contrary.
Upon Disability, such benefits payable shall be determined based upon actual
years of service, provided that such Participant shall be presumed to have
attained not less than age 58 as of such date of Disability.
2.3 Change in Control. All benefits payable, or that would become
payable if the Participant were to retire prior to such Change in Control, shall
remain payable thereafter. Upon termination of service following a Change in
Control, all benefits shall be deemed payable immediately in accordance with
Article II, Section 2.4; provided that if the Participant is not yet age 58 as
of such date of termination of service and has not yet completed at least 25
Years of Service with the Bank, such Participant shall nevertheless be deemed to
be not less than age 58 as of the date of such termination. Further, that in
order to calculate benefits payable hereunder, actual Years of Service for
benefits calculation purposes following a Change in Control shall include all
years of service remaining under any employment agreement between the
Participant and the Bank. Upon a Change in Control, all future benefits payable
pursuant to Sections 2.1, 2.2, 2.3, and 2.5 of the Plan, shall at the election
of the Participant be made in a lump sum
3
<PAGE>
payment equal to the present value of all future benefits payable to such
Participant. The interest rate in effect for a two year U.S. Treasury Note on
the date of the lump sum payment shall be used for purposes of calculating the
present value of amounts payable in accordance with Section 2.4.
2.4 Benefit Payments. The Participant shall be eligible to receive
benefit payments
under the Plan, as follows:
a. The Participant shall be eligible to receive the retirement benefits
provided for under the Pension Plan set forth at Section 4.04 therein; provided
that the retirement factor based upon the number of years that the Participants
Early Retirement Date precedes the Participants Normal Retirement Date shall be
based on the schedule contained hereinafter in lieu of such benefits factors set
forth at Section 4.04 of the Pension Plan, as follows:
Retirement Age Adjusted Retirement Factor
-------------- --------------------------
65 100%
64 100%
63 100%
62 100%
61 95%
60 90%
59 85%
58 80%
b. Benefits payable hereunder are exclusive of any benefits received
under the Federal Social Security Act or any income tax liabilities of the
Participant or Beneficiary.
c. Benefits payable hereunder shall be paid in the same manner and at
the same frequency as benefits payable under the Pension Plan.
d. Upon retirement by the Participant on or after attainment of age 65,
all retirement benefits due to the Participant shall be calculated in accordance
with the Pension Plan and no additional benefits shall be due in accordance with
the Plan.
2.5 Benefit Payments Following Death. A Participant receiving benefits
in accordance with Article II, Sections 2.1, 2.2 or 2.3 shall, upon death,
continue to have the balance of any such payments due be paid to the
Participant's Beneficiary for the remainder of the payments due as specified at
Section 2.4.
2.6 Notice of Retirement. A Participant electing to retire in
accordance with the Plan shall deliver written notice ("Notice") to the Board
not less than ninety (90) days prior to the actual Retirement Date. A
Participant who terminates service upon death, Disability, or a
4
<PAGE>
Change in Control shall not be required to deliver such Notice in order to be
entitled to receive benefits under the Plan.
2.7 Alternative Forms Of Benefit Payment. The Committee may at any time
distribute the benefits payable with respect to all future benefits payable
pursuant to Sections 2.1, 2.2, 2.3, and 2.5 of the Plan, in a lump sum payment
equal to the present value of all future benefits payable to such Participant.
The interest rate in effect for a 2 year U.S. Treasury Note on the date of the
lump sum payment shall be used for purposes of calculating the present value of
amounts payable in accordance with Section 2.4.
ARTICLE III
INSURANCE
3.1 Ownership of Insurance. The Bank, in its sole discretion, may elect
to purchase one or more life insurance policies on the lives of Participants in
order to provide funds to the Bank to pay part or all of the benefits accrued
under this Plan. All rights and incidents of ownership in any life insurance
policy that the Bank may purchase insuring the life of the Participant
(including any right to proceeds payable thereunder) shall belong exclusively to
the Bank or its designated Trust, and neither the Participant, nor any
beneficiary or other person claiming under or through him or her shall have any
rights, title or interest in or to any such insurance policy. The Participant
shall not have any power to transfer, assign, hypothecate or otherwise encumber
in advance any of the benefits payable thereunder, nor shall any benefits be
subject to seizure for the benefit of any debts or judgments, or be transferable
by operation of law in the event of bankruptcy, insolvency or otherwise. Any
life insurance policy purchased pursuant hereto and any proceeds payable
thereunder shall remain subject to the claims of the Bank's general creditors.
3.2 Physical Examination. As a condition of becoming or remaining
covered under this Plan, the Participant, as may be requested by the Bank from
time to time shall take a physical examination by a physician approved by an
insurance carrier. The cost of the examination shall not be borne by the
Participant. The report of such examination shall be transmitted directly from
the physician to the insurance carrier designated by the Bank to establish
certain costs associated with obtaining insurance coverages as may be deemed
necessary under this Plan. Such examination shall remain confidential among the
Participant, the physician and the insurance carrier and shall not be made
available to the Bank in any form or manner.
3.3 Death of Participant. Upon the death of the Participant, the
proceeds derived from any such insurance policy held by the Bank or any related
Trust, if any, shall be paid to the Bank or its designated Trust.
5
<PAGE>
ARTICLE IV
TRUST / NON-FUNDED STATUS
4.1 Trust. Except as may be specifically provided, nothing contained in
this Plan and no action taken pursuant to the provisions of this Plan shall
create or be construed to create a trust of any kind, or a fiduciary
relationship between the Bank and the Participant or any other person. Any funds
which may be invested under the provisions of this Plan shall continue for all
purposes to be a part of the general funds of the Bank. No person other than the
Bank shall by virtue of the provisions of this Plan have any interest in such
funds. The Bank shall not be under any obligation to use such funds solely to
provide benefits hereunder, and no representations have been made to a
Participant that such funds can or will be used only to provide benefits
hereunder. To the extent that any person acquires a right to receive payments
from the Bank under the Plan, such rights shall be no greater than the right of
any unsecured general creditor of the Bank.
In order to facilitate the accumulation of funds necessary to meet the
costs of the Bank under this Plan (including the provision of funds necessary to
pay premiums with respect to any life insurance policies purchase pursuant to
Article III above and to pay benefits to the extent that the cash value and/or
proceeds of any such policies are not adequate to make payments to a Participant
or his or her beneficiary as and when the same are due under the Plan), the Bank
may enter into a Trust Agreement. The Bank, in its discretion, may elect to
place any life insurance policies purchased pursuant to Article III above into
the Trust. In addition, such sums shall be placed in said Trust as may from time
to time be approved by the Board of Directors, in its sole discretion. To the
extent that the assets of said Trust and/or the proceeds of any life insurance
policy purchased pursuant to Article III are not sufficient to pay benefits
accrued under this Plan, such payments shall be made from the general assets of
the Bank.
ARTICLE V
VESTING
5.1 Vesting. All benefits under this Plan are deemed non-vested and
forfeitable prior to the Retirement Date. All benefits payable hereunder shall
be deemed 100% earned and non- forfeitable by the Participant and his or her
Beneficiary as of the Retirement Date. Notwithstanding the foregoing, all
benefits payable hereunder shall be deemed 100% earned and non-forfeitable by
the Participant and his or her Beneficiary upon the death or the Disability of
the Participant, or upon termination of employment following a Change in Control
of the Bank. No benefits shall be deemed payable hereunder for any time period
prior to termination of employment prior to the Retirement Date, except in the
event of death, Disability or termination of employment following a Change in
Control of the Bank, in which case such benefits shall be immediately payable as
of such date of termination of employment.
6
<PAGE>
ARTICLE VI
TERMINATION
6.1 Termination. All rights of the Participant hereunder shall
terminate immediately upon the Participant ceasing to be in the active service
of the Bank prior to the time that the benefits payable under the Plan shall be
deemed to be 100% earned and non-forfeitable. A leave of absence approved by the
Board shall not constitute a cessation of service within the meaning of this
paragraph, within the sole discretion of the Committee.
ARTICLE VII
FORFEITURE OR SUSPENSION OF BENEFITS
7.1 Forfeiture or Suspension of Benefits. Notwithstanding any other
provision of this Plan to the contrary, benefits shall be forfeited or suspended
during any period of paid service with the Bank following the commencement of
benefit payments, within the sole discretion of the Committee.
ARTICLE VIII
GENERAL PROVISIONS
8.1 Other Benefits. Nothing in this Plan shall diminish or impair the
Participant's eligibility, participation or benefit entitlement under any other
benefit, insurance or compensation plan or agreement of the Bank now or
hereinafter in effect.
8.2 No Effect on Employment. This Plan shall not be deemed to give any
Participant or other person in the employ or service of the Bank any right to be
retained in the employment or service of the Bank, or to interfere with the
right of the Bank to terminate any Participant or such other person at any time
and to treat him or her without regard to the effect which such treatment mights
have upon him or her as a Participant in this Plan.
8.3 Legally Binding. The rights, privileges, benefits and obligations
under this Plan are intended to be legal obligations of the Bank and binding
upon the Bank, its successors and assigns.
8.4 Modification. The Bank, by action of the Board, reserves the
exclusive right to amend, modify, or terminate this Plan. Any such termination,
modification or amendment shall not terminate or diminish any rights or benefits
accrued by any Participant prior thereto. The Bank shall give thirty (30) days'
notice in writing to any Participant prior to the effective date of any such
amendment, modification or termination of this Plan. Notwithstanding the
foregoing, in no event shall such benefits payable to a Participant under the
Plan be reduced below those provided for in Section 2.4 herein. In the event
that the Plan benefits payable under
7
<PAGE>
Section 2.4 of the Plan are reduced or the Plan is terminated, a Participant
shall be immediately 100% vested in all benefits calculated in accordance with
Section 2.4 as of the date of such Plan amendment or Plan termination without
regard to such Plan amendment or Plan termination.
8.5 Arbitration. Any controversy or claim arising out of or relating to
any contract or the breach thereof shall be settled by arbitration in accordance
with the Commercial Arbitration Rules of the American Arbitration Association,
with such arbitration hearing to be held at the offices of the American
Arbitration Association ("AAA") unless otherwise mutually agreed to by the
Participant and the Bank, and judgment upon the award rendered by the
arbitrator(s) may be entered in any court having jurisdiction thereof.
8.6 Limitation. No rights of any Participant are assignable by any
Participant, in whole or in part, either by voluntary or involuntary act or by
operation of law. Rights of Participants hereunder are not subject to
anticipation, alienation, sale, transfer, assignment, pledge, hypothecation,
encumbrance or garnishment by creditors of the Participant or a Beneficiary.
Such rights are not subject to the debts, contracts, liabilities, engagements,
or torts of any Participant or his or her Beneficiary. No Participant shall have
any right under this Plan or any Trust referred to in Article IV or against any
assets held or acquired pursuant thereto other than the rights of a general,
unsecured creditor of the Bank pursuant to the unsecured promise of the Bank to
pay the benefits accrued hereunder in accordance with the terms of this Plan.
The Bank has no obligation under this Plan to fund or otherwise secure its
obligations to render payments hereunder to Participants. No Participant shall
have any voice in the use, disposition, or investment of any asset acquired or
set aside by the Bank to provide benefits under this Plan.
8.7 ERISA and IRC Disclaimer. It is intended that the Plan be neither
an "employee welfare benefit plan" nor an "employee pension benefit plan" for
purposes of the Employee Retirement Income Security Act of 1974, as amended
("ERISA"). Further, it is intended that the Plan will not cause the interest of
a Participant under the Plan to be includable in the gross income of such
Participant or a Beneficiary prior to the actual receipt of a payment under the
Plan for purposes of the Internal Revenue Code of 1986, as amended ("IRC"). No
representation is made to any Participant to the effect that any insurance
policies purchased by the Bank or assets of any Trust established pursuant to
this Plan will be used solely to provide benefits under this Plan or in any way
shall constitute security for the payment of such benefits. Benefits payable
under this Plan are not in any way limited to or governed by the proceeds of any
such insurance policies or the assets of any such Trust. No Participant in the
Plan has any preferred claim against the proceeds of any such insurance policies
or the assets of any such Trust.
8.8 Conduct of Participants. Notwithstanding anything contained to the
contrary, no payment of any then unpaid benefits shall be made and all rights
under the Plan payable to a Participant, or any other person, to receive
payments thereof shall be forfeited if the Participant shall engage in any
activity or conduct which in the opinion the Board of the Bank is inimical to
the best interests of the Bank.
8
<PAGE>
8.9 Incompetency. If the Bank shall find that any person to whom any
payment is payable under the Plan is deemed unable to care for his or her
personal affairs because of illness or accident, or is a minor, any payment due
(unless a prior claim therefor shall have been made by a duly appointed
guardian, committee or other legal representative) may be paid to the spouse, a
child, a parent, or a brother or sister, or to any person deemed by the Bank to
have incurred expense for such person otherwise entitled to payment, in such
manner and proportions as the Committee, in its sole discretion, may determine.
Any such payments shall constitute a complete discharge of the liabilities of
the Bank under the Plan.
8.10 Construction. The Committee shall have full power and authority to
interpret, construe and administer this Plan and the Committee's interpretations
and construction thereof, and actions thereunder, shall be binding and
conclusive on all persons for all purposes. Directors of the Bank and members of
the Committee shall not be liable to any person for any action taken or omitted
in connection with the interpretation and administration of this Plan unless
attributable to his or her own willful, gross misconduct or intentional lack of
good faith.
8.11 Plan Administration. The Board of the Bank shall administer the
Plan; provided, however, that the Board may appoint an administrative committee
("Committee") to provide administrative services or perform duties required by
this Plan. The Committee shall have only the authority granted to it by the
Board.
8.12 Governing Law. This Plan shall be construed in accordance with and
governed by the laws of the State of Pennsylvania, except to the extent that
Federal law shall be deemed to apply. No payments of benefits shall be made
hereunder if the Board of the Bank, or counsel retained thereby, shall determine
that such payments shall be in violation of applicable regulations, or likely
result in imposition of regulatory action, by the Office of Thrift Supervision,
the Federal Deposit Insurance Corporation or other appropriate banking
regulatory agencies.
8.13 Regulatory Matters.
(a) The Participant or Beneficiary shall have no right to receive
compensation or other benefits in accordance with the Plan for any period after
termination of service for Just Cause. Termination for "Just Cause" shall
include termination because of the Participant's personal dishonesty,
incompetence, willful misconduct, breach of fiduciary duty involving personal
profit, intentional failure to perform stated duties, willful violation of any
law, rule or regulation (other than traffic violations or similar offenses) or
final cease-and-desist order, or material breach of any provision of the Plan.
(b) Notwithstanding anything herein to the contrary, any payments made
to a Participant or Beneficiary pursuant to the Plan shall be subject to and
conditioned upon compliance with 12 USC ss.1828(k) and any regulations
promulgated thereunder.
9
<PAGE>
8.14 Successors and Assigns. The Plan shall be binding upon any
successor or successors of the Bank, and unless clearly inapplicable, reference
herein to the Bank shall be deemed to include any successor or successors of the
Bank.
8.15 Sole Agreement. The Plan expresses, embodies, and supersedes all
previous agreements, understandings, and commitments, whether written or oral,
between the Bank and any Participants and Beneficiaries hereto with respect to
the subject matter hereof.
10
EXHIBIT 23.2
<PAGE>
LaFrance, Walker, Jackley & Saville
CERTIFIED PUBLIC ACCOUNTANTS
1373 WASHINGTON PIKE
BRIDGEVILLE, PA 15017-2821
SERVICE IN
TELE: (412) 200-5000 PRINCIPAL CITIES OF
FAX: (412) 220-7050 THE UNITED STATES AND
OTHER COUNTRIES
Consent of Independent Auditors
We have issued our report dated March 6, 1997, accompanying the financial
statements of Stanton Federal Savings Bank contained in the Application to
Convert a Mutual Savings Bank to a Stock Owned Savings Bank of Stanton Federal
Savings Bank and in the Registration Statement and accompanying prospectus of
SFSB Holding Company. We consent to the use of the aforementioned report in the
Application to Convert a Mutual Savings Bank to a Stock Owned Savings Bank of
Stanton Federal Savings Bank and in the Registration Statement and prospectus,
and to the use of or name as it appears under the caption "Experts".
/s/LaFrance, Walker, Jackley & Saville
Bridgeville, Pennsylvania
December 23, 1997
EXHIBIT 23.3
<PAGE>
[FINPRO LOGO] 26 Church Street - P.O. Box 323
Liberty Corner, NJ 07938
(908) 604-9336 - (908) 694-5951 (FAX)
December 22, 1997
Board of Directors
Stanton Federal Savings Bank
900 Saxonburg Boulevard
Pittsburgh, Pennsylvania 15223
Dear Board Members:
We hereby consent to the use of our firm's name, FinPro, Inc. ("FinPro") in the
Form AC Application for Conversion of Stanton Federal Savings Bank, Pittsburgh,
Pennsylvania, and any amendments thereto, in the Form SB-2 Registration
Statement of SFSB Holding Company and any amendments thereto, and in the
Application H-(e)l-S for SFSB Holding Company. We also hereby consent to the use
of our firm's name and the inclusion of, summary of, and references to our
Appraisal Report and our opinion concerning subscription rights in such filings
including the Prospectus of SFSB Holding Company.
Very Truly Yours,
/s/Donald J. Musso
Donald J. Musso
Liberty Corner, New Jersey
December 22, 1997
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 12-MOS 9-MOS
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1997
<PERIOD-END> DEC-31-1996 SEP-30-1997
<CASH> 4,378 5,949
<INT-BEARING-DEPOSITS> 2,845 2,936
<FED-FUNDS-SOLD> 0 1
<TRADING-ASSETS> 0 0
<INVESTMENTS-HELD-FOR-SALE> 1,299 1,461
<INVESTMENTS-CARRYING> 11,741 13,532
<INVESTMENTS-MARKET> 11,671 13,703
<LOANS> 10,931 11,763
<ALLOWANCE> 66 105
<TOTAL-ASSETS> 33,297 37,810
<DEPOSITS> 29,319 33,884
<SHORT-TERM> 0 0
<LIABILITIES-OTHER> 408 445
<LONG-TERM> 0 0
0 0
0 0
<COMMON> 0 0
<OTHER-SE> 3,570 3,480
<TOTAL-LIABILITIES-AND-EQUITY> 33,297 37,810
<INTEREST-LOAN> 835 678
<INTEREST-INVEST> 837 705
<INTEREST-OTHER> 294 272
<INTEREST-TOTAL> 1,966 1,655
<INTEREST-DEPOSIT> 1,137 1,059
<INTEREST-EXPENSE> 1,137 1,059
<INTEREST-INCOME-NET> 829 596
<LOAN-LOSSES> 37 39
<SECURITIES-GAINS> 124 0
<EXPENSE-OTHER> 1,033 940
<INCOME-PRETAX> (87) (330)
<INCOME-PRE-EXTRAORDINARY> (46) (183)
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> (46) (183)
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
<YIELD-ACTUAL> 2.90 2.40
<LOANS-NON> 85 70
<LOANS-PAST> 147 153
<LOANS-TROUBLED> 0 0
<LOANS-PROBLEM> 0 0
<ALLOWANCE-OPEN> 40 66
<CHARGE-OFFS> 11 0
<RECOVERIES> 0 0
<ALLOWANCE-CLOSE> 66 105
<ALLOWANCE-DOMESTIC> 66 105
<ALLOWANCE-FOREIGN> 0 0
<ALLOWANCE-UNALLOCATED> 0 0
</TABLE>
EXHIBIT 99.2
<PAGE>
Stanton Federal
Savings Bank
Conversion
Valuation
Appraisal
Date Issued: November 24, 1997
Date of Market Prices: November 14, 1997
<PAGE>
<TABLE>
<CAPTION>
Table of Contents
Stanton Federal Savings Bank
Pittsburgh, Pennsylvania
<S> <C>
INTRODUCTION 1
- -------------------------------------------------------------------------------------------------------------------
1. OVERVIEW AND FINANCIAL ANALYSIS 3
- -------------------------------------------------------------------------------------------------------------------
GENERAL OVERVIEW 3
HISTORY 4
STRATEGIC DIRECTION 4
BALANCE SHEET TRENDS 6
LOAN PORTFOLIO 9
SECURITIES 12
INVESTMENTS AND MORTGAGE-BACKED SECURITIES 13
ASSET QUALITY 14
FUNDING COMPOSITION 17
ASSET/LIABILITY MANAGEMENT 19
NET WORTH AND CAPITAL 20
INCOME AND EXPENSE TRENDS 21
SUBSIDIARIES 25
LEGAL PROCEEDINGS 25
2. MARKET AREA ANALYSIS 26
- -------------------------------------------------------------------------------------------------------------------
BRANCH FACILITIES 26
MARKET AREA DEMOGRAPHICS 28
MARKET AREA DEPOSIT CHARACTERISTICS 29
3. COMPARISONS WITH PUBLICLY TRADED THRIFTS 31
- -------------------------------------------------------------------------------------------------------------------
INTRODUCTION 31
SELECTION SCREENS 31
SELECTION CRITERIA 33
COMPARABLE GROUP PROFILES 35
CORPORATE DATA 40
KEY FINANCIAL DATA 41
CAPITAL DATA 42
ASSET QUALITY DATA 43
PROFITABILITY DATA 44
INCOME STATEMENT DATA 45
GROWTH DATA 46
MARKET CAPITALIZATION DATA 47
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
FINPRO
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
DIVIDEND DATA 48
PRICING DATA 49
EARNINGS DATA 50
4. MARKET VALUE DETERMINATION 51
- -------------------------------------------------------------------------------------------------------------------
INTRODUCTION 51
BALANCE SHEET STRENGTH 52
ASSET QUALITY 53
EARNINGS QUALITY, PREDICTABILITY AND GROWTH 54
MARKET AREA 58
MANAGEMENT 59
DIVIDENDS 60
LIQUIDITY OF THE ISSUE 61
SUBSCRIPTION INTEREST 62
RECENT REGULATORY MATTERS 63
MARKET FOR SEASONED THRIFT STOCKS 64
ACQUISITION MARKET 68
ADJUSTMENTS TO VALUE 73
VALUATION APPROACH 74
VALUATION CONCLUSION 77
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
FINPRO
<PAGE>
List of Figures
Stanton Federal Savings Bank
Pittsburgh, Pennsylvania
<TABLE>
<CAPTION>
<S> <C>
FIGURE 1 - CURRENT BRANCH LIST 3
FIGURE 2 - ASSET AND RETAINED EARNINGS CHART 6
FIGURE 3 - AVERAGE YIELDS AND COSTS 7
FIGURE 4 - KEY BALANCE SHEET DATA 8
FIGURE 5 - KEY RATIOS 8
FIGURE 6 - LOAN MIX AS OF SEPTEMBER 30, 1997 CHART 9
FIGURE 7 - NET LOANS RECEIVABLE CHART 10
FIGURE 8 - LOAN MIX 11
FIGURE 9 - SECURITIES CHART 12
FIGURE 10 - INVESTMENT MIX 13
FIGURE 11 - INVESTMENT PORTFOLIO MATURITY 13
FIGURE 12 - NON-PERFORMING ASSETS CHART 14
FIGURE 13 - NON-PERFORMING LOANS 15
FIGURE 14 - ALLOWANCE FOR POSSIBLE LOAN AND LEASE LOSSES CHART 16
FIGURE 15 - DEPOSIT MIX 17
FIGURE 16 - DEPOSIT AND BORROWING TREND CHART 18
FIGURE 17 - NET PORTFOLIO VALUE 19
FIGURE 18 - CAPITAL ANALYSIS 20
FIGURE 19 - NET INCOME CHART 21
FIGURE 20 - SPREAD AND MARGIN CHART 22
FIGURE 21 - INCOME STATEMENT TRENDS 23
FIGURE 22 - PROFITABILITY TREND CHART 24
FIGURE 23 - BRANCH FACILITY TABLE 26
FIGURE 24 - MAP MARKET AREA 27
FIGURE 25 - POPULATION DEMOGRAPHICS 28
FIGURE 26 - DEPOSIT TRENDS AND MARKET SHARE TABLES 29
FIGURE 27 - DEPOSIT TRENDS AND MARKET SHARE TABLES 30
FIGURE 28 - KEY FINANCIAL INDICATORS 38
FIGURE 29 - COMPARABLE CORPORATE DATA 40
FIGURE 30 - COMPARABLE KEY FINANCIAL DATA 41
FIGURE 31 - COMPARABLE CAPITAL DATA 42
FIGURE 32 - COMPARABLE ASSET QUALITY DATA 43
FIGURE 33 - COMPARABLE PROFITABILITY DATA 44
FIGURE 34 - COMPARABLE INCOME STATEMENT DATA 45
FIGURE 35 - COMPARABLE GROWTH DATA 46
FIGURE 36 - COMPARABLE MARKET CAPITALIZATION DATA 47
FIGURE 37 - COMPARABLE DIVIDEND DATA 48
FIGURE 38 - COMPARABLE PRICING DATA 49
FIGURE 39 - COMPARABLE EARNINGS DATA 50
FIGURE 40 - ASSET QUALITY TABLE 53
FIGURE 41 - NET INCOME CHART 55
FIGURE 42 - SPREAD AND MARGIN CHART 56
FIGURE 43 - SNL THRIFT INDEX CHART 64
FIGURE 44 - HISTORICAL SNL INDEX 65
FIGURE 45 - EQUITY INDICES 65
FIGURE 46 - HISTORICAL RATES 66
FIGURE 47 - DEALS FOR LAST TEN QUARTERS 68
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
FINPRO
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
FIGURE 48 - CURRENT THRIFT ACQUISITION MULTIPLES, PRICE TO BOOK 69
FIGURE 49 - CURRENT THRIFT ACQUISITION MULTIPLES, PRICE TO TANGIBLE BOOK 70
FIGURE 50 - THRIFT ACQUISITION MULTIPLES, PRICE TO EARNINGS 70
FIGURE 51 - CURRENT THRIFT ACQUISITION MULTIPLES, PRICE TO ASSETS 71
FIGURE 52 - CURRENT THRIFT ACQUISITION MULTIPLES, PRICE TO DEPOSITS 71
FIGURE 53 - DEAL MULTIPLES 72
FIGURE 54 - ACQUISITION TABLE 72
FIGURE 55 - VALUE RANGE OFFERING DATA 75
FIGURE 56 - COMPARABLE PRICING MULTIPLES TO THE BANK'S PROFORMA MIDPOINT 76
FIGURE 57 - COMPARABLE PRICING MULTIPLES TO THE BANK'S PROFORMA SUPERMAX 76
FIGURE 58 - RECENT STANDARD CONVERSION PROFORMA MULTIPLES TO THE BANK'S PROFORMA MIDPOINT 76
FIGURE 59 - RECENT STANDARD CONVERSION PROFORMA MULTIPLES TO THE BANK'S PROFORMA SUPERMAX 76
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
List of Exhibits
Stanton Federal Saving Bank
Pittsburgh, Pennsylvania
Exhibit
- -----------
1 Consolidated Statements of Financial Condition
2 Consolidated Statements of Income
3 Consolidated Statements of Changes in Net Worth
4 Consolidated Statements of Cash Flows
5 Selected Data on All Public Thrifts
6 Industry Multiples
7 Standard Conversions 1996 to Date - Selected Market Data
8 Appraisal Proforma September 30, 1997 - 12 Months Data
9 Offering Circular Proforma December 31, 1996 - 12 Months Data
10 Offering Circular Proforma September 30, 1997 - 9 Months Data
11 Profile of FinPro, Inc.
- --------------------------------------------------------------------------------
FINPRO
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 1
================================================================================
Introduction
This report represents FinPro, Inc.'s ("FinPro") independent appraisal of the
estimated pro-forma market value of the common stock ( the "Common Stock") of
Stanton Federal Savings Bank (the "Bank" or "Stanton") in connection with the
Plan of Conversion ("Conversion") of Stanton from a federally chartered mutual
savings bank to a federally chartered stock savings bank. Pursuant to the Plan
of Conversion, (i) the Bank will convert from a federally chartered savings bank
organized in mutual form to a federally chartered savings bank organized in the
stock form, (ii) the Bank will offer and sell shares of its common stock in a
subscription and community offering.
It is our understanding that the Bank will offer its stock in a subscription and
community offering to the Bank's Eligible Account Holders, to Supplemental
Eligible Account Holders of the Bank, to Other Participants, to the board
members, officers and employees of the Bank, and to the community. This
appraisal has been prepared in accordance with Regulation 563b.7 and with the
"Guidelines for Appraisal Reports for the Valuation of Savings and Loan
Associations Converting from Mutual to Stock Form of Organization" of the Office
of Thrift Supervision ("OTS") which have been adopted in practice by the Federal
Deposit Insurance Corporation ("FDIC"), including the most recent revisions as
of October 21, 1994, and applicable regulatory interpretations thereof.
In the course of preparing our report, we reviewed the financial statements of
the Bank's operations for the nine month period ended September 30, 1997 and the
Bank's operations and financials for the prior two years ending December 31,
1996. We also reviewed the Bank's Application for Approval of Conversion
including the Proxy Statement and the Company's Form S-1 registration statement
as filed with the Securities and Exchange Commission ("SEC"). We have conducted
due diligence analysis of the Bank and the Company (hereinafter, collectively
referred to as "the Bank") and held due diligence related discussions with the
Bank's management and board, LaFrance, Walker, Jackley & Saville (the Bank's
independent audit firm), Ryan, Beck & Company (the Bank's underwriter), and
Malizia, Spidi, Sloane & Fisch, P.C. (the Bank's special counsel). The valuation
parameters set forth in the appraisal were predicated on these discussions but
all conclusions related to the valuation were reached and made independent of
such discussions.
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 2
================================================================================
Where appropriate, we considered information based upon other publicly available
sources, which we believe to be reliable; however, we cannot guarantee the
accuracy or completeness of such information. We visited the Bank's primary
market area and reviewed the market area economic condition. We also reviewed
the competitive environment in which the Bank operates and its relative
strengths and weaknesses. We compared the Bank's performance with selected
publicly traded thrift institutions. We reviewed conditions in the securities
markets in general and in the market for savings institutions in particular. Our
analysis included a review of the estimated effects of the Conversion on the
Bank, operation and expected financial performance as they related to the Bank's
estimated pro-forma value.
In preparing our valuation, we relied upon and assumed the accuracy and
completeness of financial and other information provided to us by the Bank and
its independent accountants. We did not independently verify the financial
statements and other information provided by the Bank and its independent
accountants, nor did we independently value any of the Bank's assets or
liabilities. This estimated valuation considers the Bank only as a going concern
and should not be considered as an indication of its liquidation value.
Our valuation is not intended, and must not be construed, to be a recommendation
of any kind as the advisability of purchasing shares of Common Stock in the
Conversion. Moreover, because such valuation is necessarily based upon estimates
and projections of a number of matters, all of which are subject to change from
time to time, no assurance can be given that persons who purchase shares of
Common Stock in the Conversion will thereafter be able to sell such shares at
prices related to the foregoing valuation of the pro-forma market value thereof.
FinPro is not a seller of securities within the meaning of any federal or state
securities laws and any report prepared by FinPro shall not be used as an offer
or solicitation with respect to the purchase or sale of any securities.
The estimated valuation herein will be updated as appropriate. These updates
will consider, among other factors, any developments or changes in the Bank
financial condition, operating performance, management policies and procedures
and current conditions in the securities market for thrift institution common
stock. Should any such developments or changes, in our opinion, be material to
the estimated pro-forma market value of the Bank, appropriate adjustments to the
estimated pro-forma market value will be made. The reasons for any such
adjustments will be explained at that time.
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 3
================================================================================
1. Overview and Financial Analysis
- -------------------------------------------------
GENERAL OVERVIEW
- -------------------------------------------------
The Bank after the Conversion, will be a federally chartered stock savings bank.
As of September 30, 1997, the Bank had $37.8 million in total assets, $33.9
million in deposits, $11.7 million in net loans and $3.5 million in equity.
The following table shows the Bank's branch network as of September 30, 1997.
FIGURE 1 - CURRENT BRANCH LIST
Branch Office Town
- --------------------------------------------------------------------
900 Saxonburg Boulevard Pittsburgh
5200 Butler Street Pittsburgh
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 4
================================================================================
- -------------------------------------------------
HISTORY
- -------------------------------------------------
o Stanton Federal Savings Bank was established in 1890 as F.L. Jahn
Building and Loan Association.
o Changed name to Stanton Savings in 1947.
o Became member of the FHLB in 1952.
o Received a Federal charter in 1956 and became an insured
institution with the Federal Savings and Loan Insurance Corp.
o Moved to 5200 Butler Street in 1958.
o Renovated 5200 Butler Street in 1988.
o Constructed new branch office located at 900 Saxonburg Boulevard
and became a Savings Bank in September 1996.
o Initiated stock conversion process in September 1997.
- -------------------------------------------------
STRATEGIC DIRECTION
- -------------------------------------------------
The Board of Directors of Stanton Federal Savings Bank approved a plan ("the
Plan") to convert from a federally chartered mutual savings bank into a
federally chartered stock savings institution subject to approval by the Bank's
members. In connection with the Plan, which includes the formation of a Holding
Company, all of the capital stock of the Bank will be acquired by the Holding
Company. The Holding Company will issue shares to depositors of the Bank, the
community and the public at large. It is anticipated, for planning purposes that
the initial public offering will raise gross proceeds of $5.5 million, based
upon preliminary appraisal data for the midpoint of the value range. Conversion
costs are estimated to be approximately $320 thousand at the midpoint.
The Board of Directors of the Bank believes that the savings bank to stock
conversion is in the best interests of all parties associated with the bank. The
resultant entity will:
o be financially stronger, primarily as a result of additional
capital;
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 5
================================================================================
o be better positioned to compete in the markets the Bank serves;
o facilitate possible acquisition opportunities and possible
diversification;
o provide access to capital markets;
o allow for a wider array of products and services; and
o provide financial capacity to buy or build critical mass in new
geographic markets or in the markets it currently serves.
The mutual to stock conversion also provides the Bank and its Holding Company
the corporate flexibility to raise additional capital and further diversify into
bank related activities when such opportunities or needs arise.
The Bank can utilize the Holding Company structure to:
o form new subsidiaries;
o purchase branches, acquire or merge with other banks, thrifts or
financial services related company; and
o repurchase its own stock without adverse tax consequences.
The Bank has established the following major thrusts over a five-year planning
horizon:
1. Converting to a stock institution to raise capital to fund growth
opportunities and strengthen the capital position of the Bank;
2. Planned core business growth of the Bank to grow into expense
structure;
3. Change in the loan mix to increase mortgages, home equity loans,
home equity lines of credit, and limited commercial loans
(secured);
4. Change of the funding mix toward core deposits and away from time
deposits.
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 6
================================================================================
- -------------------------------------------------
BALANCE SHEET TRENDS
- -------------------------------------------------
The Bank's balance sheet has increased since December 31, 1995, at which time
the Bank had assets of $29.4 million. Since that time, assets have grown $8.5
million, or 28.81%, to $37.8 million at September 30, 1997. Retained earnings
has decreased $144 thousand from $3.6 million at December 31, 1995 to $3.5
million at September 30, 1997.
FIGURE 2 - ASSET AND RETAINED EARNINGS CHART
[GRAPHIC OMITTED - PLOTTING BELOW]
$ in thousands
Assets - Dec-95 - $29,354, Dec-96 - $33,297, Sep - 97 - $37,810
Retained Earnings - Dec-95 - $3,624, Dec-96 - $3,570, Sep-97 - $3,480
Source: Offering Prospectus
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 7
================================================================================
Both the interest rate spread and margin have decreased for the nine months
ending September 30, 1997, when compared to the same period ending September 30,
1996. These declines are the result of both an increased cost of funds and a
declining yield on assets.
FIGURE 3 - AVERAGE YIELDS AND COSTS
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
For the Nine Months Ended September 31, At September 30,
----------------------------------------------------------------------------------------
1997 1996 1997
----------------------------------------------------------------------------------------
Average Average Weighted
Average Yield/ Average Yield/ Actual Average
Balance Interest Cost Balance Interest Cost Balance Rate
--------------------------------------------------------------------------------------
(Dollars in Thousands)
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Assets:
Interest-earning assets:
Loans receivable $ 11,220 $ 678 8.06% $ 9,564 $ 598 8.32% $ 11,768 8.18%
Mortgage-backed securities 8,146 399 6.53% 8,119 371 6.09% 8,526 6.47%
Investment securities 7,129 306 6.11% 5,116 219 6.20% 6,468 5.96%
Other interest earning assets 6,611 272 5.43% 5,300 219 5.51% 7,736 5.68%
----- --- ---- ----- --- ---- ----- ----
Total interest-earning assets 33,106 1,655 6.75% 28,099 1,407 6.76% 34,498 6.78%
Non-interest earning assets 2,866 1,700 3,312
----- ----- -----
Total assets $ 35,972 $29,799 $ 37,810
======== ======= ========
Liabilities and Retained Earnings:
Interest-bearing liabilities:
Interest-bearing deposits 2,786 48 2.30% 2,383 44 2.46% 2,893 2.33%
Certificates of depost 19,268 811 5.61% 14,548 595 5.44% 20,399 5.67%
Savings deposit 8,940 200 2.98% 8,594 192 2.98% 9,284 3.00%
----- --- ---- ----- --- ---- ----- ----
Total interest-bearing liabilities 30,994 1,059 4.56% 25,525 831 4.34% 32,576 4.61%
Non-interest bearing liabilities 1,488 627 1,754
----- --- -----
Total liabilities 32,482 26,152 34,330
====== ====== ======
Retained earnings 3,490 3,647 3,480
----- ----- -----
Total liabilities and retained earnings $ 35,972 $ 29,799 $ 37,810
======== ======== ========
Net interest income $ 596 $ 576
===== =====
Interest rate spread 2.19% 2.42% 2.17%
==== ==== ====
Net interest margin as a percent of
interest earning assets 2.40% 2.73% 2.40%
==== ==== ====
Interest earning assets to interest
bearing liabilities 106.81% 110.08% 105.90%
====== ====== ======
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Source: Offering Prospectus
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 8
================================================================================
The following tables set forth certain information concerning the financial
position of the Bank along with selected ratios at the dates indicated.
FIGURE 4 - KEY BALANCE SHEET DATA
- ----------------------------------------------------------------------------
At September 30, At December 31,
-----------------------------------
1997 1996 1995
-----------------------------------
Selected Consolidated Financial Data: (unaudited) (In thousands)
-----------------------------------
Total assets $ 37,810 $ 33,297 $ 29,354
Loans receivable 11,658 10,865 9,579
Investments 6,468 5,528 4,731
Mortgage-backed securities 8,526 7,511 8,081
Deposits 33,884 29,319 25,418
Retained Earnings 3,480 3,570 3,624
Number of:
Deposits 6,336 4,049 3,817
Full service offices 2 2 1
- ----------------------------------------------------------------------------
Source: Offering Prospectus
FIGURE 5 - KEY RATIOS
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------
For the Nine Months Year Ended December 30,
----------------------------------------------
1997 1996 1996 1995
----------------------------------------------
<S> <C> <C> <C> <C>
Selected Financial Ratios and Other Data:
Performance Ratios:
Return on average assets -0.58% 0.03% -0.15% 0.56%
Return on average equity -5.96% 0.27% -1.27% 4.72%
Average equity to average assets 9.70% 12.24% 11.92% 11.90%
Equity to assets at end of period 9.20% 11.86% 10.72% 12.35%
Interest rate spread 2.19% 2.42% 2.62% 2.76%
Net interest margin 1.80% 2.05% 2.90% 3.12%
Average earning assets to averarage interest-
bearing liabiulities 106.81% 110.08% 109.36% 111.67%
Net interest income after provision for loan losses,
to total noninterest expense 59.22% 76.82% 76.74% 135.92%
Asset Quality Ratios:
Non-performing loans to total assets 1.89% 3.66% 2.12% 1.38%
Non-performing assets to total assets 0.59% 1.20% 0.70% 0.53%
Allowance for loan losses to non-performing assets 47.09% 10.47% 28.45% 25.81%
- -------------------------------------------------------------------------------------------------
</TABLE>
Source: Offering Prospectus
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 9
================================================================================
- -------------------------------------------------
LOAN PORTFOLIO
- -------------------------------------------------
The Bank originates primarily one-to-four family and home equity loans.
FIGURE 6 - LOAN MIX AS OF SEPTEMBER 30, 1997 CHART
[GRAPHIC PIE OMITTED - PLOTTING BELOW]
Home equity 24.9%
Commercial 6.7%
Consumer 3.9%
Multi-family 0.3%
One-to-four family 64.2%
Source: Offering Prospectus
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 10
================================================================================
The Bank increased its lending portfolio by $2.1 million, from $9.6 million at
December 31, 1995, to $11.7 million at September 30, 1997. The Bank's net loan
to asset ratio was 30.83% at September 30, 1997.
FIGURE 7 - NET LOANS RECEIVABLE CHART
[GRAPHIC OMITTED - PLOTTING BELOW]
Loans Receivable, Net
$ in thousands - Dec-95 - $9,579; Dec-96 - $10,865; Sep-97 - $11,658
Net loans to assets - Sep-97 - 30.83%
Source: Offering Prospectus
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 11
================================================================================
Over the two year period presented below, the Bank's loan mix has shifted
modestly away from mortgage and commercial loans and toward home equity loans.
FIGURE 8 - LOAN MIX
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------
At September 30, At December 31,
-----------------------------------------------------------------------
1997 1996 1995
-----------------------------------------------------------------------
Amount Percent Amount Percent Amount Percent
-----------------------------------------------------------------------
(Dollars in Thousands)
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Real Estate Loans:
One to four family $ 7,554 64.19% $ 7,539 64.19 $ 6,623 68.63%
Home equity 2,929 24.89% 2,017 24.89 % 1,460 15.13%
Multi-family 33 0.28% 69 0.28 % 81 0.84%
Commercial 789 6.70% 921 6.70 % 1,087 11.26%
Consumer Loans:
Share loans 348 2.96% 329 2.96 % 364 3.77%
Other 115 0.98% 70 0.98 % 35 0.36%
------- ------- ------
Total loans receivable 11,768 100.00% 10,945 100.00 % 9,650 100.00%
------- ===== ------- ====== ------
Less:
Deferred loan origination fees and costs 5 14 31
Allowance for loan losses 105 66 40
------- ------- ------
Total loans $11,658 $10,865 $9,579
======= ======= ======
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
Source: Offering Prospectus
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 12
================================================================================
- -------------------------------------------------
SECURITIES
- -------------------------------------------------
The Bank's security portfolio has grown $2.2 million with the majority of the
growth coming in the form of agency securities.
FIGURE 9 - SECURITIES CHART
[GRAPHIC OMITTED - PLOTTING BELOW]
In thousands
Dec-95 - Investment Securities - $4,731; Mortgage-backed Securities - $8,081
Dec-96 - Investment Securities - $5,528; Mortgage-backed Securities - $7,511
Sep-97 - Investment Securities - $6,468; Mortgage-backed Securities - $8,526
Source: Offering Prospectus
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 13
================================================================================
- -------------------------------------------------
INVESTMENTS AND MORTGAGE-BACKED SECURITIES
- -------------------------------------------------
The majority of the Bank's investment portfolio is classified as
held-to-maturity. This portfolio had a weighted average yield of 6.25% for the
period ending September 30, 1997.
FIGURE 10 - INVESTMENT MIX
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
At September 30, At December 30,
---------------- ---------------------------------
1997 1996 1995
------------------------------------------------------
(Dollars in Thousands)
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Investments and MBS held to maturity:
United States Government Agency Secuities $ 3,257 $ 2,678 $ 2,385
Obligations of State and political subdivisions 1,803 1,606 1,604
Mortgage-backed securities 8,472 7,457 7,991
------------------------------------------------------
Total investments held to maturity 13,532 11,741 11,980
Securities available for sale:
Mutual funds 784 756 247
FHLMC common stock 624 489 495
Mortgage-backed securities 53 53 90
------------------------------------------------------
Total securites available for sale 1,461 1,298 832
------------------------------------------------------
$14,993 $13,039 $12,812
======= ======= =======
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
Source: Offering Prospectus
FIGURE 11 - INVESTMENT PORTFOLIO MATURITY
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
At September 30, 1997
--------------------------------------------------------------------------------------------------------------
Due in
--------------------------------------------------------------------------------------------------------------
One Year or Less One and Five Years Five and Ten Years More than Ten Years Total Investment Securities
---------------- ------------------ ------------------ ------------------- ---------------------------
Weighted Weighted Weighted Weighted Weighted
Carrying Average Carrying Average Carrying Average Carrying Average Carrying Average Market
Value Yield Value Yield Value Yield Value Yield Value Yield Value
--------------------------------------------------------------------------------------------------------------
(in Thousands)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
United States
government
agency
securities $ 250 4.80% $1,700 6.06% $450 7.27% $ 856 7.70% $ 3,256 6.56% $ 3,248
Obligations
of State
and
political
subdivisions 300 5.12% 418 8.82% 311 9.21% 774 6.24% 1,803 7.17% 1,870
Mutual funds 784 5.35% - 0.00% - 0.00% - 0.00% 784 5.35% 784
FHLMC common
stock 624 0.11% - 0.00% - 0.00% - 0.00% 624 0.11% 624
Mortgage-
backed
securities 454 5.28% 2,496 5.94% 66 8.57% 5,510 6.78% 8,526 6.47% 8,638
----------------- --------------------- ------------------- ----------------------------- ----------------
Total $ 2,412 3.90% $4,614 6.25% $827 8.10% $ 7,140 6.8$% $14,993 6.25% $15,164
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Source: Offering Prospectus
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 14
================================================================================
- -------------------------------------------------
ASSET QUALITY
- -------------------------------------------------
Non-performing loans have increased from $133 thousand at December 31, 1995 to
$223 thousand at September 30, 1997. As a percentage of assets, total
non-performing assets have increased from 0.53% at December 31, 1995 to 0.59% at
September 30, 1997.
FIGURE 12 - NON-PERFORMING ASSETS CHART
[GRAPHIC OMITTED - PLOTTING BELOW]
$ in thousands
Dec-95 - Non-performing Loans - $133; REO - $22; NPAs to Pd End Assets - 0.53
Dec-96 - Non-performing Loans - $232; REO - $0; NPAs to Pd End Assets - 0.70
Sep-97 - Non-performing Loans - $223; REO - $0; NPAs to Pd End Assets - 0.59
Source: Offering Prospectus
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 15
================================================================================
FIGURE 13 - NON-PERFORMING LOANS
- --------------------------------------------------------------------------------
At September 30, 1997
($ in thousands)
- --------------------------------------------------------------------------------
Non-performing loans $223
- --------------------------------------------------------------------------------
Real estate owned, net $0
- --------------------------------------------------------------------------------
Total non-performing assets $223
- --------------------------------------------------------------------------------
Non-performing loans as a percentage of total loans 1.89%
- --------------------------------------------------------------------------------
Non-performing assets as a percent of total assets 0.59%
- --------------------------------------------------------------------------------
Source: Offering Prospectus
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 16
================================================================================
The Bank has grown its allowance for loan and lease losses from $40 thousand at
December 31, 1995 to $105 thousand at September 30, 1997. ALLL to non-performing
assets was 47.09% as of September 30, 1997.
FIGURE 14 - ALLOWANCE FOR POSSIBLE LOAN AND LEASE LOSSES CHART
[GRAPHIC OMITTED - PLOTTING BELOW]
$ in thousands
Dec-95 - $40; Dec-96 - $66; Sep-97 - $105; ALLL to NPA - Dec-95 - 25.81;
Dec-96 - 28.45; Sep-97 - 47.09
Source: Offering Prospectus
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 17
================================================================================
- -------------------------------------------------
FUNDING COMPOSITION
- -------------------------------------------------
The Bank's deposit mix as of September 30, 1997, is presented below. Time
deposits composed 60.20% of the deposit mix at September 30, 1997.
FIGURE 15 - DEPOSIT MIX
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------
At September 30, 1997
- --------------------------------------------------------------------------------------------
Current
Balance Percentage Offering
Category in thousands of Deposits Rate
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Non-interest Accounts $ 1,308 3.86%
NOW accounts 1,603 4.73% 2.00%
Regular accounts 9,284 27.40% 3.00%
Money market accounts 1,290 3.81% 2.75%
Certificates of deposits:
Term of 3 Months 128 0.38% 4.25%
Term of 6 Months 2,644 7.80% 5.00%
Term of 12 Months 9,630 28.42% 5.87%
Term of 30 Months 4,157 12.27% 6.02%
Term of 60 Months 1,382 4.08% 5.87%
Term of 72 - 120 Months 929 2.74% 5.87%
Jumbo certificates 1,529 4.51% N/A (1)
------ ------
Total deposits $33,884 100.00%
======= ======
</TABLE>
Source: Offering Prospectus
Note (1): Rates are negotiable
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 18
================================================================================
Deposits have grown $8.5 million from $25.4 at December 31, 1995 to $33.9
million at September 30, 1997, or 33.31%. The Bank did not have any borrowings
as of September 30, 1997.
FIGURE 16 - DEPOSIT AND BORROWING TREND CHART
[GRAPHIC OMITTED - PLOTTING BELOW]
$ in thousands
Dec-95 - Total Deposits - $25,418; Borrowed Funds - $0
Dec-96 - Total Deposits - $29,319; Borrowed Funds - $0
Sep-97 - Total Deposits - $33,884; Borrowed Funds - $0
Source: Offering Prospectus
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 19
================================================================================
- -------------------------------------------------
ASSET/LIABILITY MANAGEMENT
- -------------------------------------------------
The Bank manages its interest rate risk through normal balance sheet activities
and does not utilize any hedging techniques. The following chart illustrates the
Bank's net portfolio value at June 30, 1997, as calculated by the OTS.
FIGURE 17 - NET PORTFOLIO VALUE
$ in thousands
[GRAPHIC OMITTED - PLOTTING POINTS BELOW]
NPV - $3,643; Starting Equity - $3,048; 4% of Assets - $1,451
Source: OTS Risk Management Division
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 20
================================================================================
- -------------------------------------------------
NET WORTH AND CAPITAL
- -------------------------------------------------
At September 30, 1997, the Bank had capital in excess of the minimum
requirements for all three measures.
FIGURE 18 - CAPITAL ANALYSIS
- ---------------------------------------------------------------------
Regulatory Capital Position
At Percent of
September 30,1997 Adj. Assets
- ---------------------------------------------------------------------
$ in thousands
GAAP Capital $3,480 9.2%
====== ===
========================================
Tangible Capital
Capital Level $3,119 8.4%
Required $543 1.5%
------ ---
Excess: $2,576 6.9%
====== ===
========================================
Core Capital
Capital Level $3,119 8.4%
Required $1,117 3.0%
------ ---
Excess: $2,002 5.4%
====== ===
========================================
Total Risk-Based Capital
Capital Level $3,224 23.7%
Required $1,086 8.0%
------ ---
Excess: $2,138 15.7%
====== ====
- ---------------------------------------------------------------------
Source: Offering Prospectus
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 21
================================================================================
INCOME AND EXPENSE TRENDS
- -------------------------------------------------
The Bank lost $244 thousand for the September 30, 1997 period annualized.
FIGURE 19 - NET INCOME CHART
[GRAPHIC OMITTED - PLOTTING BELOW]
$ in thousands
Dec-95 - $163; Dec-96 - ($46); Sep-97 ($244)
Source: Offering Prospectus
Note: The September 30, 1997 income figure is nine month data annualized.
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 22
================================================================================
The following chart illustrates the Bank's spread and margin over the past two
years.
FIGURE 20 - SPREAD AND MARGIN CHART
[GRAPHIC OMITTED - PLOTTING POINTS BELOW]
Spread Margin
------ ------
Dec-95 2.17 2.40
Dec-96 2.42 2.73
Sep-97 2.19 2.40
Source: Offering Prospectus
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 23
================================================================================
A summary of the Bank's income statement is presented below. The actual net loss
of $183 thousand for the nine month period ending September 30, 1997 compares
unfavorably to the net income of $10 thousand for the same nine month period
ending September 30, 1996.
FIGURE 21 - INCOME STATEMENT TRENDS
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
For the Nine Months
Ended September 30, Year Ended December 30,
---------------------------------------------------
1997 1996 1996 1995
---------------------------------------------------
<S> <C> <C> <C> <C>
Selected Operating Data:
Total interest income $ 1,655 $ 1,406 $ 1,966 $ 1,941
Total interest expense 1,059 830 1,137 1,067
------- ------- ------- -------
Net interest income 596 576 829 874
Provision for loan losses 39 9 37 21
------- ------- ------- -------
Net interest income after provision for loan losses 557 567 792 853
Other income 53 142 154 17
Operating expenses 940 738 1,033 628
------- ------- ------- -------
Income (loss) before cumulative effect of change in
accounting principle (330) (29) (87) 242
Income tax expense (benefit) (147) (39) (41) 79
------- ------- ------- -------
Income (loss) before cumulative effect of change in
Net income (loss) $ (183) $ 10 $ (46) $ 163
====== ==== ===== =====
- -------------------------------------------------------------------------------------------------
</TABLE>
Source: Offering Prospectus
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 24
================================================================================
The ROA and ROE have declined since December 31, 1995. The December 31, 1996
ratios are artificially skewed due to the one-time SAIF assessment.
FIGURE 22 - PROFITABILITY TREND CHART
[GRAPHIC OMITTED - PLOTTING POINTS BELOW]
ROA ROE
------ ------
Dec-95 .56% 4.50%
Dec-96 (.14%) (1.29%)
Sep-97 (.65%) (7.01%)
Source: Offering Prospectus
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 25
================================================================================
- -------------------------------------------------
SUBSIDIARIES
- -------------------------------------------------
The Bank currently has no subsidiaries.
- -------------------------------------------------
LEGAL PROCEEDINGS
- -------------------------------------------------
The Bank is not currently involved in any legal proceedings which with have a
material effect on the financial statements of the Bank.
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 26
================================================================================
2. Market Area Analysis
- -------------------------------------------------
BRANCH FACILITIES
- -------------------------------------------------
The Bank operates two branches in Pittsburgh. The 900 Saxonburg Boulevard
location serves as the main office.
FIGURE 23 - BRANCH FACILITY TABLE
Branch Office Town
- ----------------------------------------------------------------------
900 Saxonburg Boulevard Pittsburgh
5200 Butler Street Pittsburgh
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 27
================================================================================
The Bank has two branch offices located in Pittsburgh, Pennsylvania. The
following table summarizes the target market for this analysis:
Target Market
- --------------------------------------------------------------------------------
Market Towns
- --------------------------------------------------------------------------------
Primary Market Pittsburgh Market
Secondary Market Allegheny County
Tertiary Market Pennsylvania
- --------------------------------------------------------------------------------
FIGURE 24 - MAP MARKET AREA
[MAP GRAPHIC OMITTED - PLOTTING PRIMARY MARKET AREA]
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 28
================================================================================
- -------------------------------------------------
MARKET AREA DEMOGRAPHICS
- -------------------------------------------------
The following tables contain detailed demographics for the primary, secondary
and tertiary market areas. All data is from the 1990 census and Claritas, Inc.
FIGURE 25 - POPULATION DEMOGRAPHICS
<TABLE>
<CAPTION>
Pittsburgh Allegheny County Pennsylvania
<S> <C> <C> <C> <C>
Population
1980 423,763 1,448,955 11,863,900
1990 369,879 1,335,203 11,881,643
1995 358,913 1,315,390 12,074,991
2000 proj. 348,919 1,292,150 12,226,596
% Growth 1980 - 1995 -15% -9% 2%
Population
0-4 6% 6% 7%
5-14 11% 12% 13%
15-24 15% 12% 13%
25-34 16% 15% 14%
35-44 15% 16% 16%
45-54 10% 12% 12%
55-64 9% 10% 9%
65+ 18% 18% 16%
1995 Population by Race
White 70% 86% 87%
Black 27% 12% 9%
Hispanic 1% 1% 2%
Asian 2% 1% 1%
Other 0% 0% 0%
Education
Did Not Complete H.S. 28% 21% 25%
High School Diploma 48% 50% 52%
Associates Degree 5% 6% 5%
Bachleor's Degree 11% 14% 11%
Graduate Degree 10% 9% 7%
1995 Income
Less than $5,000 11% 6% 5%
$5,000 to $9,999 16% 11% 10%
$10,000 to $14,999 11% 9% 9%
$15,000 to $24,999 19% 18% 18%
$25,000 to $34,999 15% 16% 17%
$35,000 to $49,999 13% 17% 18%
$50,000 to $74,999 9% 14% 14%
$75,000 or More 6% 9% 8%
Commuting
Less than 15 minutes 28% 27% 34%
15 to 30 minutes 45% 39% 37%
30 to 45 minutes 19% 22% 17%
45 to 60 minutes 5% 8% 7%
60 to 90 minutes 3% 4% 4%
More than 90 minutes 0% 0% 1%
1990 Persons Per Household
One 36% 30% 25%
Two 30% 32% 32%
Three 15% 17% 18%
Four or more 18% 21% 25%
Year of Construction
1 Year or less 0% 1% 1%
2 - 5 Years 2% 3% 6%
6 - 10 Years 3% 4% 5%
11 - 20 Years 6% 11% 16%
21 - 30 Years 9% 13% 12%
31 - 40 Years 13% 19% 15%
41 - 50 Years 12% 13% 10%
More than 50 Years 55% 35% 35%
Estamated Value of Housing Value
$100,000 or less 51% 28% 25%
$100,000 - $200,000 37% 46% 37%
$200,000 - $300,000 6% 15% 20%
$300,000 - $400,000 2% 5% 9%
$400,000 - $500,000 3% 5% 8%
More than $500,000 1% 1% 1%
</TABLE>
Source: Claritas
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 29
================================================================================
- -------------------------------------------------
MARKET AREA DEPOSIT CHARACTERISTICS
- -------------------------------------------------
900 SAXONBURG BOULEVARD - MARKET AREA
The table illustrates that there is a moderate level of competition for
deposits in this market area, with 8 institutions and 9 active branch
offices competing for $333 million in deposits. This has been a stable
market with one branch facility acquisition (by the Bank).
As the following tables and charts illustrate, total deposits in the
market have decreased by 3.00% in this market over the last five years.
The Bank entered this market in September 1996. As such, no data was
reported for June 30, 1996.
FIGURE 26 - DEPOSIT TRENDS AND MARKET SHARE TABLES
($ in 000's)
Competition - Primary Target Market Market Share
<TABLE>
<CAPTION>
Total Mkt Share Branch $ Growth % Growth Average
Institution 1996 1996 Efficiency 1992 - 1996 1992 - 1996 Branch 1996 Count
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
LAUREL SVG BK 57,463 17.26% 77.66% -2,405 -4.02% 28,732 2
PNC BANK NA 98,210 29.49% 132.72% 6,273 6.82% 49,105 2
MELLON BANK NA 85,863 25.79% 232.07% 505 0.59% 85,863 1
ALLEGHENY VALLEY BK 40,221 12.08% 108.71% 5,060 14.39% 40,221 1
NATIONAL CITY BK 27,816 8.35% 75.18% -19,684 -41.44% 27,816 1
NORTH HILLS MUNICIPLE FC 1,802 0.54% 4.87% 555 44.51% 1,802 1
KEYSTONE ST SVG BK 21,608 6.49% 58.40% -616 -2.77% 21,608 1
STANTON SB 0 0.00% 0.00% 0 0.00% 0 0
=================================================================================================
Total 332,983 100.00% N/A -10,312 -3.00% 36,998 9
</TABLE>
Source: FDIC, data
Note: Since the 900 Saxonburg Boulevard facility was purchased in 1996, no
deposit data was available.
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 30
================================================================================
5200 BUTLER STREET - MARKET AREA
There is a moderately high level of competition for deposits in this
market area, with 10 institutions and 12 active branch offices
competing for $391 million in deposits. This has been a volatile market
over the past five years, with one de-novo branch and two branch
closures.
As the following table illustrates, total deposits in the market have
decreased by 4.35%, or $17.8 million, over the last five years. The
Bank had market share of 6.54% at June 30, 1996 and experienced an
increase of 8.20% in deposits over the last four years. The Bank's
branch efficiency ratio is 78.50%, which is below the 100% guideline.
FIGURE 27 - DEPOSIT TRENDS AND MARKET SHARE TABLES
($ in 000's)
Competition - Pittsburgh Market Share
<TABLE>
<CAPTION>
Total Mkt Share Branch $ Growth % Growth Average
Institution 1996 1996 Efficiency 1992 - 1996 1992 - 1996 Branch 1996 Count
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
ALLEGHENY VALLY BK 99,179 25.38% 152.26% 7,560 8.25% 49,590 2
COMMUNITY SVG BK 20,372 5.21% 62.55% -8,757 -30.06% 20,372 1
FIDELITY SVG BK 43,906 11.23% 134.81% 2,029 4.85% 43,906 1
IRON CITY FCU 1,214 0.31% 3.73% -229 -15.87% 1,214 1
MELLON BK NA 49,510 12.67% 152.02% -12,928 -20.71% 49,510 1
NATIONAL CITY BK OF 2,276 0.58% 6.99% 2,276 NA 2,276 1
PITTSBURGH HOME SVGS 10,427 2.67% 32.02% -1,210 -10.40% 10,427 1
PNC BANK NA 127,737 32.68% 196.10% -9,333 -6.81% 63,869 2
RENAISSANCE FCU 10,637 2.72% 32.66% 867 8.87% 10,637 1
STANTON SB 25,565 6.54% 78.50% 1,938 8.20% 25,565 1
=================================================================================================
Total 390,823 100.00% N/A -17,787 -4.35% 32,569 12
</TABLE>
Source: FDIC, data
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 31
================================================================================
3. Comparisons With Publicly Traded Thrifts
- -------------------------------------------------
INTRODUCTION
- -------------------------------------------------
This chapter presents an analysis of the Bank's operations against a Comparable
Group of publicly traded savings institutions. The Comparable Group ("Comparable
Group") was selected from a universe of 401 public thrifts as of November 14,
1997. The Comparable Group was selected based upon similarity of characteristics
to the Bank. The Comparable Group multiples provide the basis for the fair
market valuation of the Bank. Factors that influence the Bank's value such as
balance sheet structure and size, profitability, income and expense trends,
capital levels, credit risk, interest rate risk and recent operating results can
be measured against the Comparable Group. The Comparable Group current market
pricing, coupled with the appropriate adjustments for differences between the
Bank and the Comparable Group, will then be utilized as the basis for the
pro-forma valuation of the Bank to-be-issued common stock.
- -------------------------------------------------
SELECTION SCREENS
- -------------------------------------------------
When selecting the Comparables, it was determined that the balance sheet size of
the institution was of greater importance than geography due to economies of
scale.
The selection screens utilized to identify possible Comparables from the list of
401 public thrifts at November 14, 1997 included:
1. The IPO date had to be on or before June 30, 1996, eliminating any new
conversions.
2. The conversion type had to be a full standard conversion.
3. The total asset size had to be less than or equal to $100 million.
4. The ROAA had to be less than or equal to 0.85%
5. The current price to tangible book multiple had to be less than or equal to
165%.
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 32
================================================================================
This resulted in 12 institutions.
<TABLE>
<CAPTION>
Conversion
Ticker Short Name City State Offices IPO Date Type ($000)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
ALBC Albion Banc Corp. Albion NY 2 07/26/93 Regular 68,628
ATSB AmTrust Capital Corp. Peru IN 2 03/28/95 Regular 69,685
CSBF CSB Financial Group Inc. Centralia IL 2 10/09/95 Regular 48,844
FCB Falmouth Bancorp Inc. Falmouth MA 2 03/28/96 Regular 93,915
FFBI First Financial Bancorp Inc. Belvidere IL 2 10/04/93 Regular 84,531
GLMR Gilmer Financial Svcs, Inc. Gilmer TX 1 02/09/95 Regular 42,171
HBBI Home Building Bancorp Washington IN 2 02/08/95 Regular 41,746
HHFC Harvest Home Financial Corp. Cheviot OH 3 10/10/94 Regular 87,596
LONF London Financial Corporation London OH 1 04/01/96 Regular 38,240
MCBN Mid-Coast Bancorp Inc. Waldoboro ME 2 11/02/89 Regular 61,473
SOBI Sobieski Bancorp Inc. South Bend IN 3 03/31/95 Regular 84,279
SZB SouthFirst Bancshares Inc. Sylacauga AL 2 02/14/95 Regular 97,283
</TABLE>
Of these two institutions were eliminated for the following reasons:
<TABLE>
<CAPTION>
Ticket Short Name City State ROAA Loan/Assets
- -------------------------------------- ------------------------------------------------
High ROAA and High Loan to Asset Ratio
- --------------------------------------
<S> <C> <C> <C> <C> <C>
MCBN Mid-Coast Bancorp Inc. Waldoboro ME 0.82 81.7
High ROAA
- ---------
LONF London Financial Corporation London OH 0.85
</TABLE>
This resulted in a comparable group of 10 institutions.
<TABLE>
<CAPTION>
Conversion
Ticker Short Name City State Offices IPO Date Type ($000)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
ALBC Albion Banc Corp. Albion NY 2 07/26/93 Regular 68,628
ATSB AmTrust Capital Corp. Peru IN 2 03/28/95 Regular 69,685
CSBF CSB Financial Group Inc. Centralia IL 2 10/09/95 Regular 48,844
FCB Falmouth Bancorp Inc. Falmouth MA 2 03/28/96 Regular 93,915
FFBI First Financial Bancorp Inc. Belvidere IL 2 10/04/93 Regular 84,531
GLMR Gilmer Financial Svcs, Inc. Gilmer TX 1 02/09/95 Regular 42,171
HBBI Home Building Bancorp Washington IN 2 02/08/95 Regular 41,746
HHFC Harvest Home Financial Corp. Cheviot OH 3 10/10/94 Regular 87,596
SOBI Sobieski Bancorp Inc. South Bend IN 3 03/31/95 Regular 84,279
SZB SouthFirst Bancshares Inc. Sylacauga AL 2 02/14/95 Regular 97,283
</TABLE>
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 33
================================================================================
- -------------------------------------------------
SELECTION CRITERIA
- -------------------------------------------------
Excluded from the Comparable Group were institutions that were pending mergers
or acquisitions along with companies whose prices appear to be distorted by
speculative factors or unusual operating conditions. Also, institutions that
completed their conversions within the last year were also excluded as the
earnings of newly converted institutions do not reflect a full years benefit
from the reinvestment of proceeds, and thus the price/earnings multiples and
return on equity measures for these institutions tend to be skewed upward and
downward respectively.
In an ideal world, all of the Comparable Group would contain the exact
characteristics of the Bank. The goal of the selection criteria process is to
find those institutions that most closely match those of the Bank. None of the
Comparables selected will be exact clones of the Bank.
The members of the Comparable Group were selected based upon the following
criteria:
1. Asset size
2. Profitability
3. Capital level
4. Asset mix
5. Operating strategy
6. Date of conversion
1. Asset size The Comparable Group should have a similar asset size to the Bank.
Large institutions are not appropriate for the peer group due to a more
extensive branch network, greater financial strength, more access to diverse
markets and more capacity in terms of infrastructure. The Comparable Group
ranged in size from $41.7 million to $97.3 million in total assets with an
average of $71.9 million. The Bank's asset size was $37.8 million as of
September 30, 1997 and will be $42.3 million on a proforma basis at the midpoint
of the valuation range.
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 34
================================================================================
2. Profitability The Comparable Group should have similar financial conditions
and recent earnings that are comparable to the Bank. They should show a
comparable return on equity and return on assets measures. As such, the
Comparable Group have ROAAs averaging 0.31% and ROAEs averaging 1.49% for the
most recent quarter available. The Comparable Group profitability measures had a
dispersion about the mean for the ROAA measure ranging from a low of (0.86%) to
a high of 0.80% while the ROAE measure ranged from a low of (10.59%) to a high
of 6.60%. The Bank had an ROAA of (0.58%) and ROAE of (5.96%) for the nine month
period ending September 30, 1997.
3. Capital level The Comparable Group should have a capital level similar to the
Bank's. Capital is important in that it is a determinant of asset size and
regulatory rating. Institutions with capital in a similar range as the Bank were
selected. The average equity to assets ratio for the Comparable Group was 14.09%
with a high of 25.04% and a low of 8.65%. At September 30, 1997, the Bank had an
equity to assets ratio of 9.20%. On a proforma basis, at the midpoint the Bank
would have an equity to assets ratio of 18.90%.
4. Asset Mix The asset mix is very important in the selection criteria for
Comparables. At September 30, 1997, the Bank had a total net loan to asset ratio
of 30.83%. The average loan to asset ratio for the Comparables was 64.48%,
ranging from a low of 51.58% to a high of 76.81%.
5. Operating strategy An institution's operating characteristics are important
because they determine future performance. They also affect expected rates of
return and investor's general perception of the quality, risk and attractiveness
of a given company. Specific operating characteristics include profitability,
balance sheet growth, asset quality, capitalization, and non-financial factors
such as management strategies and lines of business.
6. Date of conversion Recent conversions, those completed after June 30, 1996,
were excluded since the earnings of a newly converted institution do not reflect
a full year's benefits of reinvestment of conversion proceeds. Additionally, new
issues tend to trade at a discount to the market averages.
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 35
================================================================================
- -------------------------------------------------
COMPARABLE GROUP PROFILES
- -------------------------------------------------
o Albion Banc Corp. ALBC is a SAIF insured thrift that operates 2
branches in New York state and has $68.6 million in assets. ALBC
had the fourth highest efficiency ratio, 83.05%, primarily due to
the second highest noninterest expense ratio, 3.20%, in the
Comparable Group. ALBC was select based on asset size, lack of
intangibles, dependence on net interest income, high efficiency
ratio, number of offices and modest profitability.
o Am Trust Capital Corp. ATSB is a SAIF insured institution that
operates 2 branches in Indiana and is $69.7 million in assets.
ATSB has the highest level of nonperforming loans in the
Comparable Group, 2.70%. Am Trust also has the second highest
efficiency ratio 88.42%. ATSB was selected to the Group based on
asset size, level of capital, modest profitability, weak yield on
assets, high efficiency ratio, modest level of intangibles, number
of branches, and dependence on net interest income.
o CSB Financial Group Inc. CSBF is a SAIF insured institution that
operates 2 branches located in Centralia, Illinois. CSBF had the
second lowest asset yield of the Comparable Group, 6.68%, and the
highest level of capital, 25.04%. CSB Financial was the only
Comparable without any borrowings. CSBF had the highest level of
intangibles 5.53%. It was selected as a comparable based on its
asset size, dependence on net interest income, low level of
non-interest income, lack of borrowings, high efficiency ratio,
number of branches, moderate reserve levels and moderate loan to
asset ratio.
o Falmouth Bancorp Inc. FCB has 2 branches and is a BIF insured
institution located in Falmouth, Massachusetts. Falmouth is the
second largest thrift in the Comparable Group with $93.9 million
in assets. FCB has lowest loans to deposits ratio 72.81% and the
highest level of reserves to non-performing loans 806.45%, along
with the lowest level of nonperforming assets, 0.07%. Falmouth has
the second highest margin in the Comparable Group, 3.70%, despite
having the lowest yield on assets, 6.64%, which is mitigated by
the lowest interest expense 3.03%. FCB was included in the
Comparable Group based on its asset size, number of branches, lack
of intangibles, modest level of borrowings, capital levels, modest
profitability, and low yield on assets.
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 36
================================================================================
o First Financial Bancorp Inc. FFBI is a SAIF insured institution
with 2 branches located in Belvidere, Illinois. FFBI had the
highest deposit to asset ratio, 81.07%, the lowest equity to asset
ratio, 8.65%, the worst ROAA and ROAE (0.86%) and (10.59%),
respectively. First Financial also had the worst loan growth rate
(100.44%). FFBI was included with the Comparable Group based on
its size, loan to asset ratio, deposit to assets ratio, asset
quality, ROAA and ROAE ratios, number of branches and lack of
intangibles.
o Glimer Financial Svcs, Inc. GLMR is a SAIF insured institution
that operates 1 office in Glimer, Texas. GLMR has the highest
efficiency ratio at 89.32%. GLMR had the second lowest ROAA and
ROAE (0.52%) and (5.64%). Glimer had the lowest margin 2.39%,
despite having the highest asset yield ,7.78%, which was more than
offset by the highest liability cost, 5.43%. GLMR was included in
the Comparable Group based on its asset size, modest interest
income, level of loans, lack of intangibles, capital levels, ROAA
and ROAE ratios, and efficiency ratio.
o Home Building Bancorp. HBBI is a SAIF insured, Indiana
institution that operates 2 branches. HBBI had assets of $41.8
million, the smallest in the Comparable Group. Home Building had
the second highest asset yield, 7.58% and the second lowest
efficiency ratio, 65.74%, in the Comparable Group. HBBI was
included in the Comparable Group based on its asset size, lack of
intangibles, number of branches, dependence on net interest
income, low level of non-interest income, moderate level of
non-performing assets, and high cost of funds.
o Harvest Home Financial Corp. HHFC is a SAIF insured thrift that
operates 3 offices in Cheviot, Ohio. HHFC had the highest level of
borrowings 22.43%, and the highest ROAA and ROAE, 0.80% and 6.60%,
respectively. Harvest Home had the second lowest level of
nonperforming assets 0.11% and the lowest efficiency ratio 57.52%
in the Comparable Group. HHFC was selected based on its balance
sheet size, capital levels, number of branches, loan to asset
ratio, lack of intangibles, high cost of funds and its dependence
on net interest income.
o Sobieski Bancorp Inc. SOBI is a SAIF insured institution that
operates 3 branches and is based in South Bend, Illinois. SOBI had
the highest loans to assets ratio, 76.81%, and the highest loan
growth rate, 22.17%, in the Comparable Group. Sobieski had no
intangibles. SOBI was included in the Comparable Group based on
its asset size, capital levels, modest profitability, lack of
intangibles, limited branch network and modest noninterest income.
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 37
================================================================================
o SouthFirst Bancshares Inc. SZB is located in Sylacauga, Alabama
and operates 2 branches. SouthFirst is one of two Comparables to
trade on AMEX. SZB has the highest level of noninterest income,
1.51%, but also has the highest level of noninterest expense,
4.13%. SouthFirst was included due to its limited branch network,
asset quality, high level of noninterest expense, modest
profitability, lack of intangibles, high efficiency ratio and
capital levels.
All data presented in figures 28 through 39 is from SNL Securities utilizing the
most recent quarter for balance sheet and income statement related items. All
data for the Bank is from the prospectus or the audited financials. The market
pricing data for the Comparables is as of November 14, 1997.
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 38
================================================================================
FIGURE 28 - KEY FINANCIAL INDICATORS
The Bank and the Comparable Group
<TABLE>
<CAPTION>
- ------------------------------------------------------------------- -------------------------
The Bank at Comparable Group
September 30, 1997 Quarter Average
(Most Recent
Quarter)
- ------------------------------------------------------------------- -------------------------
<S> <C> <C>
Balance Sheet Data
- ------------------------------------------------------------------- -------------------------
Gross Loans to Deposits 34.72% 90.13%
- ------------------------------------------------------------------- -------------------------
Total Net Loans to Assets 30.83% 64.48%
- ------------------------------------------------------------------- -------------------------
Deposits to Assets 89.62% 71.91%
- ------------------------------------------------------------------- -------------------------
Borrowed Funds to Assets 0.00% 12.89%
- ------------------------------------------------------------------- -------------------------
Balance Sheet Growth
- ------------------------------------------------------------------- -------------------------
Asset Growth Rate 17.96% 1.69%
- ------------------------------------------------------------------- -------------------------
Loan Growth Rate 9.73% (0.75%)
- ------------------------------------------------------------------- -------------------------
Deposit Growth Rate 20.76% (3.37%)
- ------------------------------------------------------------------- -------------------------
Capital
- ------------------------------------------------------------------- -------------------------
Equity to Assets 9.20% 14.09%
- ------------------------------------------------------------------- -------------------------
Tangible Equity to Assets 8.20% 13.98%
- ------------------------------------------------------------------- -------------------------
Intangible Assets to Equity 0.00% 0.65%
- ------------------------------------------------------------------- -------------------------
Regulatory Core Capital to Assets 8.20% 14.11%
- ------------------------------------------------------------------- -------------------------
Equity + Reserves to Assets 9.48% 14.51%
- ------------------------------------------------------------------- -------------------------
Total Capital to Risk Adjusted Assets 23.7% 27.86%
- ------------------------------------------------------------------- -------------------------
</TABLE>
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 39
================================================================================
<TABLE>
<CAPTION>
- --------------------------------------------------------------- -------------------------- -------------------------
The Bank Comparable Group
- --------------------------------------------------------------- -------------------------- -------------------------
<S> <C> <C>
Asset Quality
- --------------------------------------------------------------- -------------------------- -------------------------
Non-Performing Loans to Loans 1.89% 0.95%
- --------------------------------------------------------------- -------------------------- -------------------------
Reserves to Non-Performing Loans 47.09% 157.99%
- --------------------------------------------------------------- -------------------------- -------------------------
Non-Performing Assets to Assets 0.59% 0.68%
- --------------------------------------------------------------- -------------------------- -------------------------
Non-Performing Assets to Equity 6.41% 6.26%
- --------------------------------------------------------------- -------------------------- -------------------------
Reserves to Loans 0.89% 0.66%
- --------------------------------------------------------------- -------------------------- -------------------------
Reserves to Non-Performing Assets + 90 Days Del. 47.09% 152.69%
- --------------------------------------------------------------- -------------------------- -------------------------
Profitability
- --------------------------------------------------------------- -------------------------- -------------------------
Return on Average Assets (0.58%) 0.31%
- --------------------------------------------------------------- -------------------------- -------------------------
Return on Average Equity (5.96%) 1.49%
- --------------------------------------------------------------- -------------------------- -------------------------
Income Statement
- --------------------------------------------------------------- -------------------------- -------------------------
Net Interest Margin 2.40% 3.24%
- --------------------------------------------------------------- -------------------------- -------------------------
Interest Income to Average Assets 6.13% 7.25%
- --------------------------------------------------------------- -------------------------- -------------------------
Interest Expense to Average Assets 3.93% 4.13%
- --------------------------------------------------------------- -------------------------- -------------------------
Net Interest Income to Average Assets 2.21% 3.12%
- --------------------------------------------------------------- -------------------------- -------------------------
Noninterest Income to Average Assets 0.20% 0.44%
- --------------------------------------------------------------- -------------------------- -------------------------
Noninterest Expense to Average Assets 3.48% 2.72%
- --------------------------------------------------------------- -------------------------- -------------------------
Efficiency Ratio 144.84% 75.94%
- --------------------------------------------------------------- -------------------------- -------------------------
Overhead Ratio 148.83% 73.34%
- --------------------------------------------------------------- -------------------------- -------------------------
</TABLE>
Source: The Bank Offering Prospectus, FinPro calculations and SNL Securities
Note: All of the Bank data is for the nine months ended September 30, 1997 and
annualized where appropriate.
Note: All of the Comparable data is as of the most recent quarter.
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 40
================================================================================
- -------------------------------------------------
CORPORATE DATA
- -------------------------------------------------
FIGURE 29 - COMPARABLE CORPORATE DATA
<TABLE>
<CAPTION>
Deposit
Number Insurance
of Agency Conversion
Ticker Short Name Exchange City State Offices IPO Date (BIF/SAIF) Type
- ----------------------------------------------- ------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ALBC Albion Banc Corp. NASDAQ Albion NY 2 07/26/93 SAIF Regular
ATSB AmTrust Capital Corp. NASDAQ Peru IN 2 03/28/95 SAIF Regular
CSBF CSB Financial Group Inc. NASDAQ Centralia IL 2 10/09/95 SAIF Regular
FCB Falmouth Bancorp Inc. AMSE Falmouth MA 2 03/28/96 BIF9 Regular
FFBI First Financial Bancorp Inc. NASDAQ Belvidere IL 2 10/04/93 SAIF Regular
GLMR Gilmer Financial Svcs, Inc. NASDAQ Gilmer TX 1 02/09/95 SAIF Regular
HBBI Home Building Bancorp NASDAQ Washington IN 2 02/08/95 SAIF Regular
HHFC Harvest Home Financial Corp. NASDAQ Cheviot OH 3 10/10/94 SAIF Regular
SOBI Sobieski Bancorp Inc. NASDAQ South Bend IN 3 03/31/95 SAIF Regular
SZB SouthFirst Bancshares Inc. AMSE Sylacauga AL 2 02/14/95 SAIF Regular
</TABLE>
Source: SNL Securities
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 41
================================================================================
- -------------------------------------------------
KEY FINANCIAL DATA
- -------------------------------------------------
Selected balance sheet ratios for the Comparable Group are shown in the
following table:
FIGURE 30 - COMPARABLE KEY FINANCIAL DATA
<TABLE>
<CAPTION>
Total Loans/ Loans/ Deposits/ Borrowings/
Assets Deposits Assets Assets Assets
Ticker Short Name ($000) (%) (%) (%) (%)
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ALBC Albion Banc Corp. 68,628 93.78 71.50 76.24 13.50
ATSB AmTrust Capital Corp. 69,685 102.96 71.52 69.47 18.78
CSBF CSB Financial Group Inc. 48,844 74.99 55.73 74.31 0.00
FCB Falmouth Bancorp Inc. 93,915 72.81 54.37 74.67 0.81
FFBI First Financial Bancorp Inc. 84,531 79.68 64.59 81.07 9.11
GLMR Gilmer Financial Svcs, Inc. 42,171 81.48 56.24 69.02 20.27
HBBI Home Building Bancorp 41,746 90.93 68.65 75.50 9.58
HHFC Harvest Home Financial Corp. 87,596 79.16 51.58 65.15 22.43
SOBI Sobieski Bancorp Inc. 84,279 110.72 76.81 69.37 15.44
SZB SouthFirst Bancshares Inc. 97,283 114.80 73.80 64.29 19.01
-----------------------------------------------------------------------------
Average 71,868 90.13 64.48 71.91 12.89
Median 76,982 86.21 66.62 71.89 14.47
Maximum 97,283 114.80 76.81 81.07 22.43
Minimum 41,746 72.81 51.58 64.29 0.00
</TABLE>
Source: SNL Securities
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 42
================================================================================
- -------------------------------------------------
CAPITAL DATA
- -------------------------------------------------
FIGURE 31 - COMPARABLE CAPITAL DATA
<TABLE>
<CAPTION>
Tangible Intangible Regulatory Equity + Total Capital/
Equity/ Equity/ Assets/ Core Cap/ Reserves/ Risk Adjusted
Assets Tang Assets Equity Assets Assets Assets
Ticker Short Name (%) (%) (%) (%) (%)
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
ALBC Albion Banc Corp. 8.73 8.73 0.00 NA 9.12 NA
ATSB Am Trust Capital Corp. 10.93 10.83 0.98 10.50 11.66 17.60
CSBF CSB Financial Group Inc. 25.04 23.99 5.53 25.34 25.36 54.92
FCB Falmouth Bancorp Inc. 23.86 23.86 0.00 24.16 24.39 44.13
FFBI First Financial Bancorp Inc. 8.65 8.65 0.00 8.17 9.24 15.52
GLMR Gilmer Financial Svcs, Inc. 9.02 9.02 0.00 8.80 9.75 19.20
HBBI Home Building Bancorp 14.12 14.12 0.00 10.69 14.31 21.42
HHFC Harvest Home Financial Corp. 11.81 11.81 0.00 NA 11.95 NA
SOBI Sobieski Bancorp Inc. 14.78 14.78 0.00 11.20 15.01 26.80
SZB SouthFirst Bancshares Inc. 14.00 14.00 0.00 14.00 14.29 23.27
------------------------------------------------------------------------------------------------------------------------------
Average 14.09 13.98 0.65 14.11 14.51 27.86
Median 12.91 12.91 0.00 10.95 13.12 22.35
Maximum 25.04 23.99 5.53 25.34 25.36 54.92
Minimum 8.65 8.65 0.00 8.17 9.12 15.52
</TABLE>
Source: SNL Securities
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 43
================================================================================
- -------------------------------------------------
ASSET QUALITY DATA
- -------------------------------------------------
FIGURE 32 - COMPARABLE ASSET QUALITY DATA
<TABLE>
<CAPTION>
NPLs/ Reserves/ NPAs/ NPAs/ Reserves/ Reserves/
Loans NPLs Assets Equity Loans NPAs + 90
Ticker Short Name (%) (%) (%) (%) (%) (%)
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
ALBC Albion Banc Corp. 1.01 53.94 0.72 8.26 0.54 53.94
ATSB AmTrust Capital Corp. 2.70 38.11 2.20 20.12 1.03 33.49
CSBF CSB Financial Group Inc. 1.00 57.14 0.56 2.23 0.57 57.14
FCB Falmouth Bancorp Inc. 0.12 806.45 0.07 0.28 0.98 806.45
FFBI First Financial Bancorp Inc. 0.64 143.23 0.41 4.74 0.91 142.00
GLMR Gilmer Financial Svcs, Inc. 2.51 51.93 1.65 18.25 1.30 44.52
HBBI Home Building Bancorp 0.64 44.51 0.44 3.09 0.28 44.51
HHFC Harvest Home Financial Corp. 0.22 117.00 0.11 0.97 0.26 117.00
SOBI Sobieski Bancorp Inc. 0.16 188.68 0.13 0.85 0.31 188.68
SZB SouthFirst Bancshares Inc. 0.50 78.95 0.53 3.81 0.40 39.15
- ----------------------------------------------------------------------------------------------------------------------
Average 0.95 157.99 0.68 6.26 0.66 152.69
Median 0.64 68.05 0.49 3.45 0.56 55.54
Maximum 2.70 806.45 2.20 20.12 1.30 806.45
Minimum 0.12 38.11 0.07 0.28 0.26 33.49
</TABLE>
Source: SNL Securities
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 44
================================================================================
- -------------------------------------------------
PROFITABILITY DATA
- -------------------------------------------------
FIGURE 33 - COMPARABLE PROFITABILITY DATA
Return on Return on
Avg Assets Avg Equity
Ticker Short Name (%) (%)
- --------------------------------------------------------------------------------
ALBC Albion Banc Corp. 0.30 3.36
ATSB AmTrust Capital Corp. 0.34 3.24
CSBF CSB Financial Group Inc. 0.43 1.71
FCB Falmouth Bancorp Inc. 0.75 3.09
FFBI First Financial Bancorp Inc. (0.86) (10.59)
GLMR Gilmer Financial Svcs, Inc. (0.52) (5.64)
HBBI Home Building Bancorp 0.73 5.35
HHFC Harvest Home Financial Corp. 0.80 6.60
SOBI Sobieski Bancorp Inc. 0.60 4.00
SZB SouthFirst Bancshares Inc. 0.52 3.73
- --------------------------------------------------------------------------------
Average 0.31 1.49
Median 0.48 3.30
Maximum 0.80 6.60
Minimum (0.86) (10.59)
Source: SNL Securities
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 45
================================================================================
- -------------------------------------------------
INCOME STATEMENT DATA
- -------------------------------------------------
FIGURE 34 - COMPARABLE INCOME STATEMENT DATA
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Net Interest Interest Net Interest Noninterest Noninterest
Interest Income/ Expense/ Income/ Income/ Expense/ Efficiency Overhead
Margin Avg Assets Avg Assets Avg Assets Avg Assets Avg Assets Ratio Ratio
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ALBC Albion Banc Corp. 3.53 7.53 4.14 3.39 0.46 3.20 83.05 80.77
ATSB AmTrust Capital Corp. 2.75 6.92 4.29 2.63 0.59 2.85 88.42 85.84
CSBF CSB Financial Group Inc. 3.40 6.68 3.40 3.28 0.19 2.58 70.71 69.02
FCB Falmouth Bancorp Inc. 3.70 6.64 3.03 3.61 0.12 2.63 70.61 69.65
FFBI First Financial Bancorp Inc. 3.08 7.42 4.44 2.97 0.60 2.99 83.79 80.54
GLMR Gilmer Financial Svcs, Inc. 2.39 7.78 5.43 2.35 0.34 2.41 89.32 87.80
HBBI Home Building Bancorp 3.53 7.58 4.16 3.43 0.26 2.42 65.74 63.11
HHFC Harvest Home Financial Corp. 2.82 7.24 4.47 2.77 0.07 1.63 57.52 56.51
SOBI Sobieski Bancorp Inc. 3.33 7.21 4.01 3.20 0.23 2.37 69.20 67.02
SZB SouthFirst Bancshares Inc. 3.85 7.52 3.94 3.58 1.51 4.13 81.08 73.11
- ------------------------------------------------------------------------------------------------------------------------------------
Average 3.24 7.25 4.13 3.12 0.44 2.72 75.94 73.34
Median 3.37 7.33 4.15 3.24 0.30 2.61 75.90 71.38
Maximum 3.85 7.78 5.43 3.61 1.51 4.13 89.32 87.80
Minimum 2.39 6.64 3.03 2.35 0.07 1.63 57.52 56.51
</TABLE>
Source: SNL Securities
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 46
================================================================================
- -------------------------------------------------
GROWTH DATA
- -------------------------------------------------
FIGURE 35 - COMPARABLE GROWTH DATA
- --------------------------------------------------------------------------------
Asset Loan Deposit
Growth Growth Growth
Rate Rate Rate
Ticker Short Name (%) (%) (%)
- --------------------------------------------------------------------------------
ALBC Albion Banc Corp. 13.95 6.41 16.03
ATSB AmTrust Capital Corp. (14.17) (10.99) (38.23)
CSBF CSB Financial Group Inc. 7.07 (4.82) 6.29
FCB Falmouth Bancorp Inc. 16.17 34.42 17.43
FFBI First Financial Bancorp Inc. (37.03) (100.44) 4.34
GLMR Gilmer Financial Svcs, Inc. 7.45 2.51 20.03
HBBI Home Building Bancorp (29.45) 4.92 (41.96)
HHFC Harvest Home Financial Corp. 21.63 10.50 (3.41)
SOBI Sobieski Bancorp Inc. 12.46 22.17 (6.21)
SZB SouthFirst Bancshares Inc. 18.83 27.83 (7.99)
--------------------------------
Average 1.69 (0.75) (3.37)
Median 9.96 5.67 0.47
Maximum 21.63 34.42 20.03
Minimum (37.03) (100.44) (41.96)
Source: SNL Securities
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 47
================================================================================
- -------------------------------------------------
MARKET CAPITALIZATION DATA
- -------------------------------------------------
FIGURE 36 - COMPARABLE MARKET CAPITALIZATION DATA
<TABLE>
<CAPTION>
MRQ MRQ MRQ MRQ MRQ Publicly MRQ Tangible
Market Price Price Price Reported Publicly Rep
Value Per Share High Low Book Value Book Value
Ticker Short Name ($) ($) ($) ($) ($) ($)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
ALBC Albion Banc Corp. 7.31 23.000 23.000 18.125 23.96 23.96
ATSB AmTrust Capital Corp. 7.63 13.875 13.875 12.500 14.46 14.32
CSBF CSB Financial Group Inc. 11.71 12.000 12.500 11.000 12.99 12.27
FCB Falmouth Bancorp Inc. 28.37 16.500 16.500 13.250 15.40 15.40
FFBI First Financial Bancorp Inc. 7.89 18.125 18.750 15.500 17.62 17.62
GLMR Gilmer Financial Svcs, Inc. 2.70 11.000 12.000 11.000 19.88 19.88
HBBI Home Building Bancorp 6.62 22.000 23.000 20.500 20.43 20.43
HHFC Harvest Home Financial Corp. 12.58 10.875 11.500 10.250 11.31 11.31
SOBI Sobieski Bancorp Inc. 14.81 17.000 17.750 14.750 17.26 17.26
SZB SouthFirst Bancshares Inc. 16.00 16.000 16.000 13.875 16.06 16.06
- ------------------------------------------------------------------------------------------------------------------------------------
Average 11.56 16.04 16.49 14.08 16.94 16.85
Median 9.80 16.25 16.25 13.56 16.66 16.66
Maximum 28.37 23.00 23.00 20.50 23.96 23.96
Minimum 2.70 10.88 11.50 10.25 11.31 11.31
</TABLE>
Source: SNL Securities
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 48
================================================================================
- -------------------------------------------------
DIVIDEND DATA
- -------------------------------------------------
FIGURE 37 - COMPARABLE DIVIDEND DATA
Current LTM Dividend
Dividend Payout
Yield Ratio
Ticker Short Name ($) (%)
- --------------------------------------------------------------------------------
ALBC Albion Banc Corp. 1.094 114.81
ATSB AmTrust Capital Corp. 1.379 26.79
CSBF CSB Financial Group Inc. 0.000 0.00
FCB Falmouth Bancorp Inc. 1.026 28.85
FFBI First Financial Bancorp Inc. 0.000 0.00
GLMR Gilmer Financial Svcs, Inc. 0.000 0.00
HBBI Home Building Bancorp 1.412 26.09
HHFC Harvest Home Financial Corp. 3.200 NA
SOBI Sobieski Bancorp Inc. 1.684 33.33
SZB SouthFirst Bancshares Inc. 2.649 NA
- --------------------------------------------------------------------------------
Average 1.24 28.73
Median 1.24 26.44
Maximum 3.20 114.81
Minimum 0.00 0.00
Source: SNL Securities
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 49
================================================================================
- -------------------------------------------------
PRICING DATA
- -------------------------------------------------
FIGURE 38 - COMPARABLE PRICING DATA
<TABLE>
<CAPTION>
Price/ Price/ Price/ Tang
LTM Price/ Price/ Price/ Publicly Rep Publicly Rep
Core EPS Assets Earnings LTM EPS Book Value Book Value
Ticker Short Name (x) (%) (x) (x) (%) (%)
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
ALBC Albion Banc Corp. 30.15 10.66 36.56 108.33 122.08 122.08
ATSB AmTrust Capital Corp. 42.65 10.95 30.21 25.89 100.28 101.26
CSBF CSB Financial Group Inc. 46.07 23.98 51.83 73.16 95.75 101.37
FCB Falmouth Bancorp Inc. 39.00 30.20 40.63 37.50 126.62 126.62
FFBI First Financial Bancorp Inc. 21.35 9.33 NA NA 107.83 107.83
GLMR Gilmer Financial Svcs, Inc. 20.77 6.41 NA 117.71 71.05 71.05
HBBI Home Building Bancorp 18.81 15.86 19.68 18.48 104.01 104.01
HHFC Harvest Home Financial Corp. 25.94 14.36 18.09 52.88 121.57 121.57
SOBI Sobieski Bancorp Inc. 31.15 17.57 26.39 28.79 110.08 110.08
SZB SouthFirst Bancshares Inc. 99.34 16.45 31.46 NA 117.53 117.53
-------------------------------------------------------------------------------
Average 37.52 15.58 31.86 57.84 107.68 108.34
Median 30.65 15.11 30.84 45.19 108.96 108.96
Maximum 99.34 30.20 51.83 117.71 126.62 126.62
Minimum 18.81 6.41 18.09 18.48 71.05 71.05
</TABLE>
Source: SNL Securities
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 50
================================================================================
- -------------------------------------------------
EARNINGS DATA
- -------------------------------------------------
FIGURE 39 - COMPARABLE EARNINGS DATA
<TABLE>
<CAPTION>
Net Income Core Income Core EPS Price/
Ticker Short Name Most Recent Qtr Most Recent Qtr Most Recent Qtr Core EPS
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ALBC Albion Banc Corp. 50 45 0.18 40.63
ATSB AmTrust Capital Corp. 61 29 0.06 60.42
CSBF CSB Financial Group Inc. 52 51 0.06 51.83
FCB Falmouth Bancorp Inc. 172 164 0.11 44.32
FFBI First Financial Bancorp Inc. (194) 85 0.21 22.62
GLMR Gilmer Financial Svcs, Inc. (54) (57) (0.32) NA
HBBI Home Building Bancorp 78 78 0.27 19.68
HHFC Harvest Home Financial Corp. 171 170 0.19 18.09
SOBI Sobieski Bancorp Inc. 124 124 0.18 26.39
SZB SouthFirst Bancshares Inc. 124 125 0.15 31.46
------------------------------------------------------------------------
Average 58 81 0.11 35.05
Median 70 82 0.17 31.46
Maximum 172 170 0.27 60.42
Minimum (194) (57) (0.32) 18.09
</TABLE>
Source: SNL Securities
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 51
================================================================================
4. Market Value Determination
- -------------------------------------------------
INTRODUCTION
- -------------------------------------------------
The estimated pro-forma market value of the Bank, along with certain adjustments
to its value relative to market values for the Comparable Group are delineated
in this section. The adjustments delineated in this section are made from
potential investors' viewpoints. A potential investor includes depositors
holding subscription rights and unrelated parties who may purchase stock in the
community offering and who are assumed to be aware of all relevant and necessary
facts as they pertain to the value of the Bank relative to other publicly traded
thrift institutions and relative to alternative investment opportunities.
There are numerous criteria on which the market value adjustments are based, but
the major ones utilized for purposes of this report include:
o Balance Sheet
o Asset Quality
o Earnings Quality, Predictability and Growth
o Market Area
o Management
o Dividends
o Liquidity of the Issue
o Subscription Interest
o Recent Regulatory Matters
o Market for Seasoned Thrift Stocks
o Acquisition Market
After identifying the adjustments that should be made to market value, the
pro-forma market value for the Bank is computed and adjusted. The estimated
pro-forma market value for the Bank is then compared with the market valuation
ratios of the Comparable Group, recently converted public thrifts and the
aggregate ratios for all public thrifts.
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 52
================================================================================
- -------------------------------------------------
BALANCE SHEET STRENGTH
- -------------------------------------------------
The balance sheet strength of an institution is an important market value
determinant, as the investment community considers such factors as bank
liquidity, capitalization, asset composition, funding mix, intangible levels and
interest rate risk in assessing the attractiveness of investing in the common
stock of a thrift. Following is a synopsis of the key financial elements of the
Bank measured against the Comparable Group. The numbers utilized for the Bank in
this comparison were on a pro-forma basis.
Liquidity - The liquidity of the Bank and the Comparable Group appear
similar and were sufficient to meet all regulatory guidelines.
Capitalization - The Comparable Group's average equity to assets ratio
of 14.09% is higher than the Bank's ratio of 9.20%, but will be below
the Bank's pro forma equity to assets ratio of 18.90% at the midpoint
of the valuation range.
Asset Composition - The Bank's net loan to asset ratio of 30.83% is
significantly below the average for the Comparable Group of 64.48%.
Management anticipates growing the current ratio.
Funding Mix - The Bank is funded through deposits and retained
earnings. The Comparable Group had 12.89% of its funding base from
borrowings while the Bank has no borrowings. The Bank's lack of
borrowings leaves room for an additional funding source in the future.
Intangible Levels - One of the most important factors influencing
market values is the level of intangibles that an institution carries
on its books. The Comparable Group has a limited level of intangibles
averaging 0.65%. Thrifts trade more on tangible book than on book. The
Bank had no intangibles on its books at September 30, 1997.
Interest Rate Risk - The Bank has an average level of interest rate
risk.
Based on these factors, the Bank's market value should not be adjusted in
comparison to the Comparable Group for these measures.
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 53
================================================================================
- -------------------------------------------------
ASSET QUALITY
- -------------------------------------------------
The asset quality of an institution is an important determinant of market value.
The investment community considers levels of nonperforming loans, REO and levels
of ALLL in assessing the attractiveness of investing in the common stock of an
institution.
FIGURE 40 - ASSET QUALITY TABLE
- --------------------------------------------------------------------------------
As of September 30, 1997
- --------------------------------------------------------------------------------
Dollars in Thousands
Nonperforming Loans $233
REO $0
ALLL $105
ALLL to Loans 0.89%
ALLL to Nonperforming Loans 47.09%
- --------------------------------------------------------------------------------
The Bank has a moderate level of nonperforming loans and no REO as of September
30, 1997. The ALLL to loans ratio is 0.89%, which is above the Comparable
Group's 0.66%. Based on these factors no adjustment is warranted for this
element.
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 54
================================================================================
- -------------------------------------------------
EARNINGS QUALITY, PREDICTABILITY AND GROWTH
- -------------------------------------------------
The earnings quality, predictability and growth are critical components in the
establishment of market values for thrifts. Thrift earnings are primarily a
function of:
o net interest income
o loan loss provision
o non-interest income
o non-interest expense
The quality and predictability of earnings is dependent on both internal and
external factors. Some internal factors include the mix of the balance sheet,
the interest rate sensitivity of the balance sheet, the asset quality, and the
infrastructure in place to deliver the assets and liabilities to the public.
External factors include the competitive market for both assets and liabilities,
the global interest rate scenario, local economic factors and regulatory issues.
Each of these factors can influence the earnings of an institution, and each of
these factors is volatile. Investors prefer stability and consistency. As such,
solid, consistent earnings are preferred to high but risky earnings. Investors
also prefer earnings to be diversified and not entirely dependent on interest
income.
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 55
================================================================================
The Bank's earnings declined since December 31, 1995. The December 31, 1996
financials were impacted by the one-time SAIF special assessment.
FIGURE 41 - NET INCOME CHART
NET INCOME AND ROA
[GRAPHIC OMITTED - PLOTTING POINTS BELOW]
$ in thousands
Net
Income ROA
------ ------
Dec-95 $163 .56%
Dec-96 ($ 46) (.14%)
Sep-97 ($244) (.65%)
Source: Offering Prospectus
Note: The September 1997 net income is for the nine month period annualized.
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 56
================================================================================
The Bank's net interest spread and margin are relatively low.
FIGURE 42 - SPREAD AND MARGIN CHART
[GRAPHIC OMITTED - SEE FIGURE 20; PAGE 1-22 FOR PLOTTING POINTS]
Source: Offering Prospectus
The Bank has been posting loan loss provisions sufficient to cover periodic
charge-offs and to maintain solid reserve ratios. At September 30, 1997, the
Bank had an allowance for loan and lease losses (ALLL) to total loans ratio of
0.89%, which is higher than that of the Comparable Group 0.66%.
The Bank has generated less non-interest income than the Comparable Group. For
the nine months ended September 30, 1997 annualized, the Bank had 0.20% of
non-interest income to average assets compared to the Comparable average of
0.44%.
For the nine months ended September 30, 1997, the Bank had a non-interest
expense to average assets ratio of 3.48% which was greater than the 2.72%
average of the Comparable Group. On a percentage basis, non-interest expense,
net of non-interest income of 0.20%, is 3.28%, which puts the Bank at a
disadvantage of 100 basis points with respect to the Comparable Group's net of
2.28%.
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 57
================================================================================
Currently, investors are focusing on earnings sustainability as the interest
rate volatility has caused wide variation in income levels. With the intense
competition for both assets and deposits, banks can not easily replace lost
spread and margin with balance sheet growth.
The Bank has experienced a decline in its net interest income and has a high
level of noninterest expense. The Bank has an nominal level of noninterest
income and does expect to undertake any fee generating business in the near
term. Therefore, a downward adjustment is warranted to the market value for
earnings.
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 58
================================================================================
- -------------------------------------------------
MARKET AREA
- -------------------------------------------------
The market area that an institution serves has a significant impact on value, as
future success is interrelated with the economic, demographic and competitive
aspects of the market. Specifics on the Bank's market were delineated in Section
2 - Market Area Analysis.
Demographically, the Bank's markets are not favorable. Population in the market
area declined by 15% over the fifteen year period ending 1995. Population is
projected to decrease through the year 2000. Median income in 1995, was below
both the county and state averages indicating less savings deposits in the
marketplace. The housing stock is older than the state average indicating a low
demand for residential construction loans. Also, the estimated housing value is
low.
Both of the Bank's markets have experience deposit runoff over the five year
period ending June 30, 1996. The average branch size in the markets is low
indicating a high level of competition.
Based on these factors a slight downward adjustment is warranted for this factor
since the Bank will have to substantially outperform other local institutions to
attain growth in this declining market.
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 59
================================================================================
- -------------------------------------------------
MANAGEMENT
- -------------------------------------------------
The Bank has developed a good management team with considerable banking
experience and length of service with the bank. The Bank, due to its size, does
not have much depth in management which limits the strategic initiatives that
the Bank may undertake. As the Comparables are of similar size, they face a
similar problem.
The Board is active and oversees and advises on all key strategic and policy
decisions. The organization chart appears reasonable for an institution of the
Bank's size and complexity.
As such, no adjustment appears to be warranted for this factor.
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 60
================================================================================
- -------------------------------------------------
DIVIDENDS
- -------------------------------------------------
Historically, banks have not established dividend policies immediately at or
after conversion to stock ownership. Rather, newly converted institutions, in
general, have preferred to establish an earnings track record, fully invest the
conversion proceeds, and allow for seasoning of the stock before establishing a
dividend policy. In the late 1980's and early 1990's however, there has been a
tendency toward initiating dividend policies concurrent with the conversion as a
means of increasing the attractiveness of the issue and to utilize the proceeds.
The last few years have seen yet another shift away from dividend policies
concurrent with conversion. Recent issues have been fully or over subscribing
without the need for the additional enticement of dividends. After the
conversion is another issue, however. Recent pressures on ROE and on internal
rate of returns to investors has prompted the industry toward cash dividends.
This trend is exacerbated by the lack of growth potential. Typically, when
institutions are in a growth mode, they issue stock dividends or do not declare
a dividend. When growth is stunted, these institutions shift toward reducing
equity levels and thus utilize cash dividends as a tool in this regard.
Seven of the ten comparable institutions had declared dividends. The average
dividend payout ratio for the Comparable Group was 28.73%, ranging from a high
of 114.81% to a low of 0.00%.
The Bank will have the capital levels to afford to pay dividends, however, in
the first few years the Bank will be limited by its earnings capacity. As such,
no adjustment is indicated for this factor.
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 61
================================================================================
- -------------------------------------------------
LIQUIDITY OF THE ISSUE
- -------------------------------------------------
The Comparable Group is by definition composed only of companies that trade in
the public markets with all of the Comparables trading on NASDAQ or AMEX.
Typically, the number of shares outstanding and the market capitalization
provides an indication of how much liquidity there will be in a given stock. The
actual liquidity can be measured by volume traded over a given period of time.
The market capitalization values of the Comparable Group range from a low of
$2.7 million to a high of $28.4 million with an average market capitalization of
$11.56 million. The Bank expects to have $8.0 million of market capital at the
midpoint, or about the average for the comparable group, on a pro-forma basis.
Based on the comparison with the Comparable Group and the above data, no
adjustment appears warranted.
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 62
================================================================================
- -------------------------------------------------
SUBSCRIPTION INTEREST
- -------------------------------------------------
The outcome of subscription offerings has been, historically, difficult to
predict. Since 1992, however, the conversions have experienced robust
subscription interest with the exception of late 1994 when the pricing multiples
were high. During late 1994, many subscriptions had the need to resolicit due to
lack of professional investor demand. During 1995, the investor demand returned
and the subscription interest increased, primarily the result of lower market
multiples. There were some offerings in July and June 1996 that went off at or
below the midpoint, indicating a possible shift away from interest in thrift
public offerings at that time. The vast majority of recent conversions have
oversubscribed and gone off at the maximum or super-maximum.
Of more importance is the general strength of the aftermarket. Thrift stock
prices have soared upwards in recent months (see Figure 43) and is showing
strength across the board. Additionally, as shown in Exhibit 7, the most recent
conversions (within the last 3 months) have demonstrated a strong price
appreciation.
Recently, there were two deals which over subscribed, which resulted in
re-solicitations.
As such, an upward adjustment for subscription interest is warranted at this
time.
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 63
================================================================================
- -------------------------------------------------
RECENT REGULATORY MATTERS
- -------------------------------------------------
As a result of large after-market price increases of conversions during 1993 and
early 1994, the regulatory agencies have issued guidelines on appraisals for
conversions. The regulators publicly indicated that only modest immediate
after-market price increases are appropriate for converting institutions. The
guidelines issued November 22, 1994, indicate that the reasonableness and
adequacy of an appraisal will be partially judged by the immediate price
movement of the conversion stock in the after-market, using a very short time
frame of the second day of trading following closing. The guidelines further
discuss that the average price appreciation for all IPOs has been between 10 and
15%, which was deemed to be too high.
At around the same time period, IPO pricing was elevated on a book basis and
IPOs in late 1994 did not experience much appreciation. In fact, numerous IPOs
actually depreciated. 1995 brought back lower premiums to book but they have
been rising throughout 1996 to approximately the same levels as late 1994. 1997
has continued the trend with IPOs popping over 40% on average, for the first day
of trading.
The recent interest in thrift IPOs has caused large oversubscriptions, which in
turn have caused large price appreciations in the aftermarket. Recently,
regulators have been indicating the need for increased pricing of new issues in
the attempt lessen the aftermarket appreciation. Also, regulators have been
concerned with capital redistributions from thrifts which have converted within
the past three years. Regulatory agencies are publicly indicating that they will
enforce the limits of stock buy backs to: 0% in the first year, 5% in the second
year and 5% in the third year.
This threat to newly converted institutions, of not being able to use all of the
capital markets tools available, will hurt the stocks attractiveness, as it will
put them at a significant competitive disadvantage to the rest of the industry.
As such, a slight downward adjustment for this measure is warranted based on the
uncertainty surrounding the regulatory environment.
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 64
================================================================================
- -------------------------------------------------
MARKET FOR SEASONED THRIFT
STOCKS
- -------------------------------------------------
Data for all public thrifts as of November 14, 1997 is provided in Exhibit 5. A
common measure utilized as a proxy for the performance of the thrift industry is
the SNL thrift index graphically shown below and tabularly shown on the
following page:
FIGURE 43 - SNL THRIFT INDEX CHART
[GRAPHIC OMITTED-GRAPH DEPICTING SNL INDEX PERFORMANCE - PLOTTING POINTS BELOW]
Jan-92 - 143.9: Jul-92 - 175.1; Jan-93 - 201.1; Jul-93 - 220.5; Jan-94 252.5;
Jul-94 - 273.8; Jan-95 - 256.1; Jul-95 - 328.2; Jan-96 - 370.7; Jul-96 - 389.9;
Jan-97 - 520.1; Jul-97 - 684.5; 14-Nov-97 - 738.5
Source: SNL Securities
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 65
================================================================================
FIGURE 44 - HISTORICAL SNL INDEX
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------
SNL THRIFT INDEX MONTHLY PERFORMANCE
January 2, 1992 to November 14, 1997
- --------------------------------------------------------------------------------------------
SNL % Change % Change % Change % Change % Change % Change
Thrift Since Since Since Since Since Since
Date Index 1/2/92 1/4/93 1/3/94 12/30/94 12/29/95 12/31/96
- ---- ----- ------ ------ ------ -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Jan-92 143.9 - - - - - -
Jul-92 175.1 21.7% - - - - -
Jan-93 201.1 39.7% - - - - -
Jul-93 220.5 53.2% 9.6% - - - -
Jan-94 252.5 75.5% 25.6% - - - -
Jul-94 273.8 90.3% 36.2% 8.4% - - -
Jan-95 256.1 78.0% 27.3% 1.4% - - -
Jul-95 328.2 128.1% 63.2% 30.0% 28.2% - -
Jan-96 370.7 157.6% 84.3% 46.8% 44.7% - -
Jul-96 389.9 171.0% 93.9% 54.4% 52.2% 5.2% -
Jan-97 520.1 261.4% 158.6% 106.0% 103.1% 40.3% -
Jul-97 684.5 375.7% 240.4% 171.1% 167.3% 84.7% 31.6%
14-Nov-97 738.5 413.2% 267.2% 192.5% 188.4% 99.2% 42.0%
</TABLE>
Source: SNL Securities
FIGURE 45 - EQUITY INDICES
[GRAPHIC OMITTED - GRAPH DEPICTING EQUITY INDICES OF DSLA, SNL, S&P]
PLOTTING POINTS ON PAGE 1 - 66 (INDEX-COMPARISONS)
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 66
================================================================================
Index Comparisons
- -----------------------------------------------------------------------
SNL S&P DJIA
- -----------------------------------------------------------------------
6/30/94 269.6 444.3 3,625.0
12/30/94 244.7 459.3 3,834.4
6/30/95 313.5 544.8 4,556.1
12/29/95 376.5 615.9 5,117.1
6/28/96 387.2 670.6 5,654.6
12/31/96 483.6 740.7 6,448.3
6/30/97 624.5 885.2 7,672.8
11/14/97 738.5 928.4 7,572.5
- -----------------------------------------------------------------------
As the Figures 43 and 44 illustrate, the performance of the SNL index has been
robust through 1992, 1993, 1994 and 1995. The dip in the index, occurring in
late 1994, was the product of the interest rate rise during that period along
with the overall uneasiness in the stock market in general. The rate scenario
covering the same period as the SNL index can be seen in the following chart.
FIGURE 46 - HISTORICAL RATES
[GRAPHIC OMITTED]
Source: Prudential Bache Securities
As the graph demonstrates, the rate rise in late 1994 correlates closely to the
fall in thrift prices. The drop in rates in 1995 was one of the primary drivers
of the rapid rise in the SNL index. During 1996, rates increased slightly and
then remained stable, fueling the rise in the conversion prices. 1997 has seen a
continuation of this trend, with the average IPO pricing at 70.9%, 69.7%, 70.9%,
and 73.6% of book value for the first, second, third, and fourth quarters of
1997, respectively.
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 67
================================================================================
Thrift pricing in general was robust in 1995 due to the falling interest rates,
the industry consolidation and renewed earnings. Contrasting this view, in late
1994 investors faced shrinking spreads and margins due to rising rates and
consolidation that was tailing off and slowing down. The blockbuster level of
consolidations have led many investors to think that all institutions are fair
game for acquisitions and prices have risen accordingly.
As Figure 45 and 46 show, in 1997, the SNL index has continued to increase as a
result of the flat interest rate environment. In addition, the market continues
to demonstrate evidence of acquisition speculation.
As such, a downward adjustment for this measure is warranted, as newly converted
thrifts will not trade at the same multiples as seasoned thrifts because
investors do not have a proven track record on which to base investment
decisions. Additionally, newly converted thrifts need time to reinvest proceeds
and leverage the capital raised in the IPO.
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 68
================================================================================
- -------------------------------------------------
ACQUISITION MARKET
- -------------------------------------------------
The level of bank and thrift deals increased in the second quarter of 1997, but
the thrift rate for the third quarter was down again while banks continued to
rise.
FIGURE 47 - DEALS FOR LAST TEN QUARTERS
[GRAPHIC OMITTED - PLOTTING BELOW]
<TABLE>
<CAPTION>
Deals for Last Eleven Quarters
1995-2 1995-3 1995-4 1996-1 1996-2 1996-3 1996-4 1997-1 1997-2 1997-3 1997-4*
------ ------ ------ ------ ------ ------ ------ ------ ------ ------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Bank 85 92 80 79 87 91 82 66 74 83 31
Thrift 35 27 22 22 29 21 19 25 31 17 15
</TABLE>
* - 1997-4 is quarter to date through 10/17/97.
Source: SNL Securities
Note: Figures for the fourth quarter of 1997 are through November 14, 1997.
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 69
================================================================================
From 1994 through November 14, 1997, thrift deal prices remained high. As
illustrated by the following graphs and tables, thrift deal prices as a multiple
of book value and earnings continue to climb through November 14, 1997, for all
thrifts and thrifts in the Mid-Atlantic region. The deal multiples for similar
sized thrifts have begun to level out in 1997.
FIGURE 48 - CURRENT THRIFT ACQUISITION MULTIPLES, PRICE TO BOOK
HISTORICAL PRICE TO BOOK ANALYSIS
[GRAPHIC OMITTED]
[PLOTTING POINTS - SEE FIGURE 53 - DEAL MULTIPLES; PAGE 1 - 72]
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 70
================================================================================
FIGURE 49 - CURRENT THRIFT ACQUISITION MULTIPLES, PRICE TO TANGIBLE BOOK
HISTORICAL PRICE TO TANGIBLE BOOK ANALYSIS
[GRAPHIC OMITTED]
[PLOTTING POINTS - SEE FIGURE 53 - DEAL MULTIPLES; PAGE 1 - 72]]
FIGURE 50 - THRIFT ACQUISITION MULTIPLES, PRICE TO EARNINGS
HISTORICAL MEDIAN PRICE TO EARNINGS
[GRAPHIC OMITTED]
[PLOTTING POINTS - SEE FIGURE 53 - DEAL MULTIPLES; PAGE 1 - 72]
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 71
================================================================================
FIGURE 51 - CURRENT THRIFT ACQUISITION MULTIPLES, PRICE TO ASSETS
HISTORICAL PRICE TO ASSETS
[GRAPHIC OMITTED]
[PLOTTING POINTS - SEE FIGURE 53 - DEAL MULTIPLES; PAGE 1 - 72]
FIGURE 52 - CURRENT THRIFT ACQUISITION MULTIPLES, PRICE TO DEPOSITS
HISTORICAL PRICE TO DEPOSITS
[GRAPHIC OMITTED]
[PLOTTING POINTS - SEE FIGURE 53 - DEAL MULTIPLES; PAGE 1 - 72]
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 72
================================================================================
FIGURE 53 - DEAL MULTIPLES
- -------------------------------------------------------------------------------
Median Price to LTM Earnings 1994 1995 1996 1997 YTD
- ---------------------------- ---- ---- ---- --------
Thrifts - Nationwide 13.8 18.6 17.7 25.9
Thrifts - Mid-Atlantic 13.3 17.9 17.0 21.7
Thrifts - Deal Value - $10 Million 14.7 23.9 18.9 NA
Average Price to Book
Thrifts - Nationwide 154.5 144.7 149.5 179.3
Thrifts - Mid-Atlantic 153.9 156.5 156.9 198.4
Thrifts - Deal Value - $10 Million 143.8 134.5 145.6 138.2
Average Price to Tangible Book
Thrifts - Nationwide 158.9 149.1 153.6 184.3
Thrifts - Mid-Atlantic 160.4 157.6 159.4 204.1
Thrifts - Deal Value - $10 Million 145.3 135.0 145.6 138.2
Average Price to Assets
Thrifts - Nationwide 13.9 14.8 15.0 18.0
Thrifts - Mid-Atlantic 13.2 15.3 17.7 16.5
Thrifts - Deal Value - $10 Million 10.6 12.1 14.0 15.2
Average Price to Deposits
Thrifts - Nationwide 17.1 19.2 19.9 24.3
Thrifts - Mid-Atlantic 16.2 20.3 24.5 25.2
Thrifts - Deal Value - $10 Million 12.3 15.3 16.7 18.5
- -------------------------------------------------------------------------------
Currently there is one thrift acquisition pending in Pennsylvania. Sovereign
Bank is in the process of acquiring ML Bancorp for 200% of book value and 21.7
times earnings. The acquisition multiples associated with all deals are shown
below.
FIGURE 54 - ACQUISITION TABLE
At Announcement Offer Divided By
--------------------------------
Book Value LTM EPS
---------- -------
Pending Merger Median 189% 22.7x
Completed Merger Median 196% 27.7x
Source: SNL Securities
A slight downward adjustment is warranted for this factor at time of conversion,
since new conversions are not readily available for acquisition for well over
one year from the date of conversion and since the market prices of the
Comparables already have this acquisition premium built in their prices.
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 73
================================================================================
- -------------------------------------------------
ADJUSTMENTS TO VALUE
- -------------------------------------------------
Overall, FinPro believes that the Bank pro-forma market value should be
discounted relative to the Comparable Group, reflecting the following
adjustments.
Key Valuation Parameters Valuation Adjustment
- -------------------------------------- -----------------------------------------
Balance Sheet Strength No Adjustment
Asset Quality No Adjustment
Earnings Quality Downward
Market Area Slight Downward
Management No Adjustment
Dividends No Adjustment
Liquidity of the Issue No Adjustment
Subscription Interest Upward
Recent Regulatory Matters Slight Downward
Market for Seasoned Thrift Stocks Downward
Acquisition Market Slight Downward
As a result of all the factors discussed, a full offering discount of
approximately 40% from the average trading values of the comparable companies
appears to be reasonable.
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 74
================================================================================
- -------------------------------------------------
VALUATION APPROACH
- -------------------------------------------------
In applying the accepted valuation methodology promulgated by the regulators,
i.e., the pro-forma market value approach, four key pricing multiples were
considered. The four multiples include:
Price to earnings ("P/E")
Price to tangible book value ("P/TB")
Price to book value ("P/B")
Price to assets ("P/A")
All of the approaches were calculated on a pro-forma basis including the effects
of the conversion proceeds. All of the assumptions utilized are presented in
Exhibits 8 and 9.
To ascertain the pro-forma estimated market value of the Bank, the market
multiples for the Comparable Group, all publicly traded thrifts and the recent
(1996 to date) standard conversion group were assessed.
Since thrift earnings in general have had a high degree of volatility over the
past decade, the P/B approach had gained in importance and is utilized
frequently as the benchmark for market value. It is interesting to note that the
P/B approach is more of a benchmark than a reliable valuation technique. A
better approach is the P/TB approach. In general, investors tend to price
financial institutions on a tangible book basis, because it incorporates the P/B
approach adjusted for intangibles. Most recently, the P/E approach has regained
favor among investors.
The evidence of the movement towards the P/E Multiple can be seen in the
acquisition, trading and IPO markets. The P/LTM EPS multiple for the pending
acquisitions is 22.7x for all public thrifts, the trading P/LTM is 23.48x and
for recent IPO's is 25.1x.
As such, in estimating the market value for the Bank, the most emphasis was
placed on the P/E approach. The P/B and P/TB were given much less weight and the
P/A ratio was not given much weight at all.
In terms of the market multiples, most weight was given to the Comparable Group
and the recent (1997 to date) standard conversions. Less weight was ascribed to
all public thrifts and all Pennsylvania thrifts. The multiples for the
Comparable Group, all publicly traded thrifts, and Pennsylvania publicly traded
thrifts are shown in Exhibit 6.
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 75
================================================================================
Based upon the approximately 40% discount defined in the section above, the Bank
pricing at the midpoint is estimated to be $5,500,000. Based upon a range below
and above the midpoint value, the relative values are $4,675,000 at the minimum
and $6,325,000 at the maximum respectively. At the supermaximum of the range the
offering value would be $7,274,000.
At the various levels of the estimated value range, the offering would result in
the following offering data:
FIGURE 55 - VALUE RANGE OFFERING DATA
<TABLE>
<CAPTION>
Proforma Effect of Conversion Proceeds
As of September 30, 1997
(Dollars in Thousands)
- -------------------------------------------- ----------------------------------------
Conversion Proceeds Minimum Midpoint Maximum SuperMax
- -------------------------------------------- ----------------------------------------
<S> <C> <C> <C> <C> <C>
Total Shares Offered 468 550 633 727
Conversion Shares Offered 468 550 633 727
Price Per Share $10 $10 $10 $10
----------------------------------------
Gross Proceeds $4,675 $5,500 $6,325 $7,274
Plus: Value issued to Foundation (9) $0 $0 $0 $0
----------------------------------------
Pro Forma Market Capitalization $4,675 $5,500 $6,325 $7,274
========================================
</TABLE>
Source: FinPro Inc. Proforma Model
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 76
================================================================================
This equates to the following multiples:
FIGURE 56 - COMPARABLE PRICING MULTIPLES TO THE BANK'S PROFORMA MIDPOINT
<TABLE>
<CAPTION>
---------------------------------------------------------------
Price Relative to
---------------------------------------------------------------
Earnings Core Earnings Book Tangible Book Assets
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
The Bank (at midpoint) (38.46) (38.46) 68.73% 68.73% 12.99%
- ------------------------------------------------------------------------------------------
Comparable Group Average 57.84 37.52 107.66% 108.34% 15.58%
- ------------------------------------------------------------------------------------------
(Discount) Premium -166.49% -202.51% -36.16% -36.56% -16.62%
- ------------------------------------------------------------------------------------------
</TABLE>
Source: FinPro Calculations
FIGURE 57 - COMPARABLE PRICING MULTIPLES TO THE BANK'S PROFORMA SUPERMAX
<TABLE>
<CAPTION>
---------------------------------------------------------------
Price Relative to
---------------------------------------------------------------
Earnings Core Earnings Book Tangible Book Assets
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
The Bank (at midpoint) (66.67) (66.67) 76.10% 76.10% 16.57%
- ------------------------------------------------------------------------------------------
Comparable Group Average 57.84 37.52 107.66% 108.34% 15.58%
- ------------------------------------------------------------------------------------------
(Discount) Premium -215.27% -277.69% -29.31% -29.76% - 6.35%
- ------------------------------------------------------------------------------------------
</TABLE>
Source: FinPro Calculations
FIGURE 58 - RECENT STANDARD CONVERSION PROFORMA MULTIPLES TO THE
BANK'S PROFORMA MIDPOINT
<TABLE>
<CAPTION>
---------------------------------------------------------------
Price Relative to
---------------------------------------------------------------
Earnings Core Earnings Book Tangible Book Assets
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
The Bank (at midpoint) (38.46) (38.46) 68.73% 68.73% 12.99%
- ------------------------------------------------------------------------------------------
Comparable Group Average 17.50 NA 70.90% 70.90% 17.60%
- ------------------------------------------------------------------------------------------
(Discount) Premium -319.77% NA -3.06% -3.06% -26.19%
- ------------------------------------------------------------------------------------------
</TABLE>
Source: FinPro Calculations
FIGURE 59 - RECENT STANDARD CONVERSION PROFORMA MULTIPLES TO THE
BANK'S PROFORMA SUPERMAX
<TABLE>
<CAPTION>
---------------------------------------------------------------
Price Relative to
---------------------------------------------------------------
Earnings Core Earnings Book Tangible Book Assets
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
The Bank (at midpoint) (66.67) (66.67) 76.10% 76.10% 16.57%
- ------------------------------------------------------------------------------------------
Comparable Group Average 17.50 NA 70.90% 70.90% 17.60%
- ------------------------------------------------------------------------------------------
(Discount) Premium -480.97% NA 7.33% 7.33% -5.85%
- ------------------------------------------------------------------------------------------
</TABLE>
Source: FinPro Calculations
<PAGE>
Conversion Valuation Appraisal Report Page: 1 - 76
================================================================================
As the tables above demonstrate, a discount of approximately 40% is applied to
the Bank relative to the Comparable Group. When compared to recent standard
conversions, the Bank is priced at a discount on an earnings basis (note: no
core earnings are available for recent standard conversions, the discount would
be significantly reduced on a core earnings basis) and a slight premium on a
book basis.
In figure 58, the Recent Conversion multiple is based on public offerings which
have typically subscribed at the supermaximum. Figure 59 adjusts for this factor
by calculating the discount or premium in comparison to the Bank's multiples at
the supermaximum.
<PAGE>
Conversion Valuation Appraisal Report Page: 1 -77
================================================================================
- -------------------------------------------------
VALUATION CONCLUSION
- -------------------------------------------------
It is, therefore, our opinion that as of November 18, 1997, the estimated
pro-forma market value of the Bank in a full offering was $5,500,000 at the
midpoint of a range with a minimum of $4,675,000 to a maximum of $6,325,000 at
15% below and 15% above the midpoint of the range respectively. Assuming an
adjusted maximum value of 15% above the maximum value, the adjusted maximum
value or supermaximum value in a full offering is $7,274,000. The stock will be
issued at $10.00 per share.
Pro-forma comparisons of the Bank's value range with the Comparable Group, all
public thrifts, Pennsylvania public thrifts and the recent standard conversion
group is shown in Exhibits 8 and 9.
<PAGE>
Exhibit 1
Consolidated Statements of Financial Condition
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
Assets At September 30, At December 31,
------ ------------------- --------------------------------
1997 1996 1995
-------------------- ---------------- --------------
Assets: (unaudited)
<S> <C> <C> <C>
Cash and due from banks $1,321,349 $770,715 $253,452
Interest-bearing deposits with other banks 7,564,347 6,452,895 5,525,835
Investment securities available for sale 1,408,229 1,244,753 742,243
Investment securities held to maturity 5,059,392 4,283,449 3,988,300
Mortgage-backed securities available for sale 53,197 53,791 89,535
Mortgage-backed securities held to maturity 8,472,389 7,457,415 7,991,446
Loans receivable 11,657,657 10,864,801 9,579,231
Accrued interest receivable 259,615 225,714 213,430
Premises and equipment 1,617,570 1,664,306 752,374
Federal Home Loan Bank stock 171,700 161,800 153,500
Other assets 224,152 117,238 64,736
----------- ----------- -----------
Total assets $37,809,597 $33,296,877 $29,354,082
Liabilities and Net Worth
-------------------------
Liabilities:
- ------------
Savings deposits 33,884,171 29,318,964 25,418,128
Advance payments by borrowers for taxes and insurance 66,531 125,711 131,812
Accrued expenses and other liabilities 378,782 282,073 179,771
----------- ----------- -----------
Total liabilities 34,329,484 29,726,748 25,729,711
Retained Earnings:
- ------------------
Retained earnings, substantially restricted 3,118,707 3,301,992 3,348,263
Net unrealized gain on securities 361,406 268,137 276,108
----------- ----------- -----------
Total retained earnings 3,480,113 3,570,129 3,624,371
----------- ----------- -----------
Total liabilities and retained earnings $37,809,597 $33,296,877 $29,354,082
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
Source: Audited Financial Statements
<PAGE>
Exhibit 2
Consolidated Statements of Income
$ in 000's
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
For the Nine Months For the Years Ended
September 30, December 31,
---------------------------------------------------
1997 1996 1996 1995
---------------------------------------------------
Unaudited
---------------------------
Interest income:
<S> <C> <C> <C> <C>
Loans receivable $678,482 $598,336 $834,482 $776,386
Interest-bearing deposits with other banks $271,582 $218,877 $294,199 $346,932
Investment securities:
Taxable 265,666 181,849 250,711 239,544
Tax exempt 40,626 36,698 49,209 47,728
Mortgage-backed securities 398,505 370,582 537,353 530,470
--------- --------- --------- ---------
Total interest income 1,654,861 1,406,342 1,965,954 1,941,060
Interest and dividend expense:
Deposits 1,059,221 830,195 1,136,528 1,066,938
--------- --------- --------- ---------
Total interest expense 1,059,221 830,195 1,136,528 1,066,938
Net interest income before provision for loan losses 595,640 576,147 829,426 874,122
Provision for loan losses 39,000 9,000 36,500 21,000
--------- --------- --------- ---------
Net interest income after provision for loan losses 556,640 567,147 792,926 853,122
Noninterest income:
Service fees 41,973 8,708 16,393 11,867
Net securities gains (losses) 0 124,468 124,468 0
Other income 11,394 8,941 12,729 4,900
--------- --------- --------- ---------
Total other income 53,367 142,117 153,590 16,767
Noninterest expense:
Compensation and benefits 441,565 294,132 447,279 328,764
Occupancy and equipment 166,920 64,853 128,242 66,544
Federal deposit insurance 28,289 208,702 211,724 66,882
Data processing 96,882 44,372 67,933 56,426
Stationary and printing 18,469 16,342 25,793 8,591
Other operating expenses 187,860 109,884 152,232 100,443
--------- --------- --------- ---------
Total noninterest expense 939,985 738,285 1,033,203 627,650
Income before provision for income taxes (329,978) (29,021) (86,687) 242,239
Provision for income taxes (146,693) (39,345) (40,416) 79,164
--------- --------- --------- ---------
Net income (183,285) 10,324 (46,271) 163,075
--------- --------- --------- ---------
Source: Audited Financial Statements
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Exhibit 3
Consolidated Statements of Changes in Net Worth
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
Net Unrealized
gain/(loss) on
Retained Securities
Earnings AFS, net Total
----------- ---------------- -------------
<S> <C> <C> <C>
Balance at December 31, 1994 $ 3,185,188 $ 192,746 $ 3,377,934
Net income 163,075 - 163,075
Unrealized appreciation (depreciation) on securities - 83,362 83,362
available-for-sale, net
----------- --------- -----------
Balance at December 31, 1995 3,348,263 276,108 3,624,371
Net income (46,271) - (46,271)
Unrealized appreciation (depreciation) on securities - (7,971) (7,971)
available-for-sale, net
----------- --------- -----------
Balance at December 31, 1996 3,301,992 268,137 3,570,129
Net income (183,285) - (183,285)
Unrealized appreciation (depreciation) on securities - 93,269 93,269
available-for-sale, net
----------- --------- -----------
Balance at September 30, 1997 (unaudited) $ 3,118,707 $ 361,406 $ 3,480,113
----------- --------- -----------
- -------------------------------------------------------------------------------------------------------------------------
Source: Audited Financial Statements
</TABLE>
<PAGE>
Exhibit 4
Consolidated Statements of Cash Flows
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
For the Nine Months ended For the Years Ended
September 30, December 31,
---------------------------------------------------------------
1997 1996 1996 1995
---------------------------------------------------------------
(unaudited)
-----------------------
Cash flows from operating activities:
<S> <C> <C> <C> <C>
Net earnings $ (183,285) $ 10,324 $ (46,271) $ 163,075
Adjustments to reconcile net income to net cash provided by
operating activities:
Provision for loan losses 39,000 9,000 36,500 21,000
Depreciation and ammortization 91,125 18,900 58,203 23,357
Net securities gains - (124,468) (124,468) -
Defferred income taxes (50,233) 10,363 789 (3,544)
Net increase (decrease) in accrued interest receivable (33,901) 52,891 (12,284) 38,598
Other, net (2,316) 248,360 55,759 (62,651)
------------ ----------- -----------
Net cash provided by (used in) operating activities (139,610) 225,370 (31,772) 179,835
Cash flows from investing activities:
Decrease (increase) in certificates of deposits (86,772) (11,069) (668,453) 1,509,044
Investment securities available for sale:
Purchases (24,401) (525,018) - -
Proceeds from sales - 130,333 130,333 -
Maturities and repayments 2,305 3,278 3,998 3,727
Investments securities held to maturity:
Purchases (2,346,537) (700,000) (624,856)
Maturities and repayments 1,571,749 269,819 405,240 790,472
Mortgage-backed securities available for sale:
Maturities and repayments 532 36,617 36,795 91,422
Mortgage-backed securities held to maturity:
Purchases (2,665,318) (1,094,529) (1,271,781)
Maturities and repayments 1,638,807 1,322,676 1,622,237 978,042
Net increase in loans receivable (831,856) (268,219) (1,322,070) (775,891)
Purchase of FHLB stock (9,900) (8,300) (8,300) (5,200)
Purchase of premises and equipment, net (44,389) (941,268) (970,135) (522,182)
------------ ----------- -----------
Net cash used in investing activities (2,795,780) (1,082,931) (3,089,902) 172,797
Cash flows from financing activities:
Net increase (decrease) in deposits 4,565,207 782,625 3,900,836 995,066
Net decrease in advances by borrowers for taxes and insurance (59,180) (63,290) (6,101) (22,291)
------------ ----------- -----------
Net cash provided by financing activities 4,506,027 719,335 3,894,735 972,775
Increase (decrease) in cash and cash equivalents 1,570,637 (138,226) 773,061 1,325,407
Cash and cash equivalents, beginning of period 4,378,710 3,605,649 3,605,649 2,280,242
------------ ----------- -----------
Cash and cash equivalents, end of period $ 5,949,347 $ 3,467,423 $ 4,378,710 $ 3,605,649
=========== =========== =========== ===========
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest on deposits and borrowed funds $ 1,057,984 $ 829,382 $ 1,135,755 $ 1,066,980
Income taxes - 19,389 19,389 75,332
Noncash investing activities - transfer of loans to foreclosed real estate - - - 22,010
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Page 1 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Corporate
----------------------------------------------------------------------------------
Deposit
Number Insurance
of Agency Conversion
Ticker Short Name Exchange City State Offices IPO Date (BIF/SAIF) Type
------ ---------- -------- ---- ----- ------- ------- ----------- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
%CAL California Federal Bank, a FSB Private San Francisco CA 227 NA SAIF Not Avail.
%CCMD Chevy Chase Bank, FSB Private Chevy Chase MD 107 NA SAIF Not Avail.
AABC Access Anytime Bancorp Inc. NASDAQ Clovis NA 3 08/08/86 SAIF Regular
AADV Advantage Bancorp Inc. NASDAQ Kenosha WI 15 03/23/92 SAIF Regular
ABBK Abington Bancorp Inc. NASDAQ Abington MA 8 06/10/86 BIF Regular
ABCL Alliance Bancorp Inc. NASDAQ Hinsdale IL 14 07/07/92 SAIF Regular
ABCW Anchor BanCorp Wisconsin NASDAQ Madison WI 35 07/16/92 SAIF Regular
AFBC Advance Financial Bancorp NASDAQ Wellsburg WV 2 01/02/97 SAIF Regular
AFCB Affiliated Community Bancorp NASDAQ Waltham MA 12 10/19/95 SAIF Not Avail.
AFED AFSALA Bancorp Inc. NASDAQ Amsterdam NY 5 10/01/96 SAIF Regular
AFFFZ America First Financial Fund NASDAQ San Francisco CA 36 NA SAIF Not Avail.
AHCI Ambanc Holding Co. NASDAQ Amsterdam NY 12 12/27/95 BIF Regular
AHM Ahmanson & Company (H.F.) NYSE Irwindale CA 368 10/25/72 SAIF Regular
ALBC Albion Banc Corp. NASDAQ Albion NY 2 07/26/93 SAIF Regular
ALBK ALBANK Financial Corp. NASDAQ Albany NY 108 04/01/92 SAIF Regular
AMFC AMB Financial Corp. NASDAQ Munster IN 4 04/01/96 SAIF Regular
ANA Acadiana Bancshares Inc. AMSE Lafayette LA 5 07/16/96 SAIF Regular
ANDB Andover Bancorp Inc. NASDAQ Andover MA 12 05/08/86 BIF Regular
ANE Alliance Bncorp of New England AMSE Tolland CT 7 12/19/86 BIF Regular
ASBI Ameriana Bancorp NASDAQ New Castle IN 8 03/02/87 SAIF Regular
ASBP ASB Financial Corp. NASDAQ Portsmouth OH 1 05/11/95 SAIF Regular
ASFC Astoria Financial Corp. NASDAQ Lake Success NY 61 11/18/93 SAIF Regular
ATSB AmTrust Capital Corp. NASDAQ Peru IN 2 03/28/95 SAIF Regular
AVND Avondale Financial Corp. NASDAQ Chicago IL 5 04/07/95 SAIF Regular
BANC BankAtlantic Bancorp Inc. NASDAQ Fort Lauderda FL 60 11/29/83 SAIF Regular
BDJI First Federal Bancorporation NASDAQ Bemidji MN 5 04/04/95 SAIF Regular
BFD BostonFed Bancorp Inc. AMSE Burlington MA 10 10/24/95 SAIF Regular
BFFC Big Foot Financial Corp. NASDAQ Long Grove IL 3 12/20/96 SAIF Regular
BFSB Bedford Bancshares Inc. NASDAQ Bedford VA 3 08/22/94 SAIF Regular
BKC American Bank of Connecticut AMSE Waterbury CT 15 12/01/81 BIF Regular
BKCT Bancorp Connecticut Inc. NASDAQ Southington CT 3 07/03/86 BIF Regular
BKUNA BankUnited Financial Corp. NASDAQ Coral Gables FL 16 12/11/85 SAIF Regular
BNKU Bank United Corp. NASDAQ Houston TX 71 08/09/96 SAIF Not Avail.
BPLS Bank Plus Corp. NASDAQ Los Angeles CA 37 NA SAIF Not Avail.
BSBC Branford Savings Bank NASDAQ Branford CT 5 11/04/86 BIF Regular
BTHL Bethel Bancorp NASDAQ Portland ME 8 08/19/87 BIF Regular
BVCC Bay View Capital Corp. NASDAQ San Mateo CA 41 05/09/86 SAIF Regular
BWFC Bank West Financial Corp. NASDAQ Grand Rapids MI 3 03/30/95 SAIF Regular
BYFC Broadway Financial Corp. NASDAQ Los Angeles CA 3 01/09/96 SAIF Regular
CAFI Camco Financial Corp. NASDAQ Cambridge OH 11 NA SAIF Not Avail.
CAPS Capital Savings Bancorp Inc. NASDAQ Jefferson Cit MO 8 12/29/93 SAIF Regular
CASB Cascade Financial Corp. NASDAQ Everett WA 11 09/16/92 SAIF Regular
CASH First Midwest Financial Inc. NASDAQ Storm Lake IA 12 09/20/93 SAIF Regular
CATB Catskill Financial Corp. NASDAQ Catskill NY 4 04/18/96 BIF Regular
CBCI Calumet Bancorp Inc. NASDAQ Dolton IL 5 02/20/92 SAIF Regular
CBES CBES Bancorp Inc. NASDAQ Excelsior Spr MO 2 09/30/96 SAIF Regular
CBK Citizens First Financial Corp. AMSE Bloomington IL 7 05/01/96 SAIF Regular
CBSA Coastal Bancorp Inc. NASDAQ Houston TX 37 NA SAIF Not Avail.
CBSB Charter Financial Inc. NASDAQ Sparta IL 8 12/29/95 SAIF Not Avail.
CCFH CCF Holding Company NASDAQ Jonesboro GA 5 07/12/95 SAIF Regular
CEBK Central Co-operative Bank NASDAQ Somerville MA 8 10/24/86 BIF Regular
CENB Century Bancorp Inc. NASDAQ Thomasville NC 1 12/23/96 SAIF Regular
CENF CENFED Financial Corp. NASDAQ Pasadena CA 18 10/25/91 SAIF Regular
CFB Commercial Federal Corp. NYSE Omaha NE 108 12/31/84 SAIF Regular
CFBC Community First Banking Co. NASDAQ Carrollton GA 12 07/01/97 SAIF Regular
CFCP Coastal Financial Corp. NASDAQ Myrtle Beach SC 9 09/26/90 SAIF Regular
CFFC Community Financial Corp. NASDAQ Staunton VA 4 03/30/88 SAIF Regular
CFNC Carolina Fincorp Inc. NASDAQ Rockingham NC 4 11/25/96 SAIF Regular
CFSB CFSB Bancorp Inc. NASDAQ Lansing MI 17 06/22/90 SAIF Regular
CFTP Community Federal Bancorp NASDAQ Tupelo MS 2 03/26/96 SAIF Regular
CFX CFX Corp. AMSE Keene NH 43 02/12/87 BIF Regular
CIBI Community Investors Bancorp NASDAQ Bucyrus OH 3 02/07/95 SAIF Regular
CKFB CKF Bancorp Inc. NASDAQ Danville KY 1 01/04/95 SAIF Regular
CLAS Classic Bancshares Inc. NASDAQ Ashland KY 3 12/29/95 SAIF Regular
</TABLE>
<PAGE>
Page 1 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Key Financial Data as of The Most Recent Quarter
---------------------------------------------------------
Total Loans/ Loans/ Deposits/ Borrowings/
Assets Deposits Assets Assets Assets
Ticker Short Name ($000) (%) (%) (%) (%)
------ ---------- ------ --- --- --- ---
<S> <C> <C> <C> <C> <C> <C>
%CAL California Federal Bank, a FSB 30,876,284 124.48 67.16 53.95 34.54
%CCMD Chevy Chase Bank, FSB 6,167,982 72.67 56.98 78.42 11.47
AABC Access Anytime Bancorp Inc. 105,639 57.86 52.34 90.46 0.00
AADV Advantage Bancorp Inc. 1,037,462 85.13 55.04 64.66 23.95
ABBK Abington Bancorp Inc. 501,622 98.39 61.89 62.91 28.88
ABCL Alliance Bancorp Inc. 1,371,184 100.42 73.10 72.79 16.34
ABCW Anchor BanCorp Wisconsin 1,954,749 114.73 78.89 68.76 22.93
AFBC Advance Financial Bancorp 104,563 107.95 82.66 76.57 7.41
AFCB Affiliated Community Bancorp 1,128,579 100.84 62.81 62.29 27.34
AFED AFSALA Bancorp Inc. 159,181 55.4 47.07 84.96 0.95
AFFFZ America First Financial Fund 2,250,517 77.99 68.13 87.36 3.45
AHCI Ambanc Holding Co. 484,979 83.26 55.99 67.25 18.11
AHM Ahmanson & Company (H.F.) 46,799,157 95.74 66.38 69.33 22.60
ALBC Albion Banc Corp. 68,628 93.78 71.50 76.24 13.50
ALBK ALBANK Financial Corp. 3,716,954 91.51 73.09 79.87 6.42
AMFC AMB Financial Corp. 103,388 102.43 73.06 71.33 13.06
ANA Acadiana Bancshares Inc. 267,000 104.30 74.02 70.97 10.96
ANDB Andover Bancorp Inc. 1,280,601 101.82 73.43 72.12 19.02
ANE Alliance Bncorp of New England 241,918 69.22 62.45 90.22 1.98
ASBI Ameriana Bancorp 393,028 92.69 75.86 81.84 4.87
ASBP ASB Financial Corp. 112,449 86.15 68.38 79.37 3.00
ASFC Astoria Financial Corp. 7,904,363 73.81 42.58 57.69 33.36
ATSB AmTrust Capital Corp. 69,685 102.96 71.52 69.47 18.78
AVND Avondale Financial Corp. 596,918 87.83 58.34 66.42 23.66
BANC BankAtlantic Bancorp Inc. 2,844,996 112.94 70.00 61.98 26.55
BDJI First Federal Bancorporation 111,492 65.08 48.45 74.45 12.76
BFD BostonFed Bancorp Inc. 960,704 137.81 81.79 59.35 31.22
BFFC Big Foot Financial Corp. 215,162 79.91 45.31 56.70 23.98
BFSB Bedford Bancshares Inc. 135,455 116.16 85.79 73.86 10.70
BKC American Bank of Connecticut 609,923 78.72 58.18 73.91 16.64
BKCT Bancorp Connecticut Inc. 423,800 84.57 62.07 73.40 15.12
BKUNA BankUnited Financial Corp. 1,807,192 135.29 82.42 60.92 24.75
BNKU Bank United Corp. 11,967,072 172.16 75.49 43.85 46.14
BPLS Bank Plus Corp. 3,920,257 NA NA 71.48 23.25
BSBC Branford Savings Bank 182,868 75.19 66.15 87.98 1.09
BTHL Bethel Bancorp 218,187 114.79 77.14 67.20 22.23
BVCC Bay View Capital Corp. 3,162,207 149.10 76.58 51.36 41.71
BWFC Bank West Financial Corp. 164,854 112.88 72.01 63.80 21.23
BYFC Broadway Financial Corp. 122,245 91.92 80.87 87.98 0.00
CAFI Camco Financial Corp. 489,833 111.65 84.57 75.75 13.35
CAPS Capital Savings Bancorp Inc. 242,259 113.43 80.07 70.58 18.58
CASB Cascade Financial Corp. 426,451 118.27 84.10 71.11 19.76
CASH First Midwest Financial Inc. 404,589 104.43 63.53 60.83 27.71
CATB Catskill Financial Corp. 289,619 62.83 43.58 69.37 3.93
CBCI Calumet Bancorp Inc. 488,346 111.75 79.08 70.76 10.89
CBES CBES Bancorp Inc. 106,635 126.14 90.59 71.82 9.14
CBK Citizens First Financial Corp. 277,962 119.28 83.77 70.23 15.16
CBSA Coastal Bancorp Inc. 2,929,560 93.80 44.58 47.52 46.99
CBSB Charter Financial Inc. 393,268 106.54 74.28 69.72 14.83
CCFH CCF Holding Company 100,801 105.60 81.76 77.42 9.72
CEBK Central Co-operative Bank 344,420 88.08 68.13 77.36 11.90
CENB Century Bancorp Inc. 100,937 93.44 64.56 69.09 0.00
CENF CENFED Financial Corp. 2,304,678 101.07 69.17 68.44 25.10
CFB Commercial Federal Corp. 7,207,143 125.38 74.09 59.09 33.07
CFBC Community First Banking Co. 394,570 94.04 75.08 79.84 1.72
CFCP Coastal Financial Corp. 494,003 120.08 84.38 70.27 21.73
CFFC Community Financial Corp. 183,278 126.26 88.35 69.97 15.82
CFNC Carolina Fincorp Inc. 114,069 93.98 71.26 75.82 0.00
CFSB CFSB Bancorp Inc. 859,962 136.97 88.52 64.63 25.98
CFTP Community Federal Bancorp 215,953 95.52 59.24 62.02 8.47
CFX CFX Corp. 2,821,182 100.34 68.85 68.61 21.74
CIBI Community Investors Bancorp 94,328 107.50 84.42 78.53 9.05
CKFB CKF Bancorp Inc. 59,868 129.49 92.32 71.29 3.71
CLAS Classic Bancshares Inc. 130,525 87.73 66.61 75.93 8.41
</TABLE>
<PAGE>
Page 2 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Corporate
----------------------------------------------------------------------------------
Deposit
Number Insurance
of Agency Conversion
Ticker Short Name Exchange City State Offices IPO Date (BIF/SAIF) Type
------ ---------- -------- ---- ----- ------- ------------------- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CMRN Cameron Financial Corp NASDAQ Cameron MO 3 04/03/95 SAIF Regular
CMSB Commonwealth Bancorp Inc. NASDAQ Norristown PA 56 06/17/96 SAIF Not Avail.
CMSV Community Savings Bnkshrs(MHC) NASDAQ North Palm Be FL 20 10/24/94 SAIF Mutual HC
CNIT CENIT Bancorp Inc. NASDAQ Norfolk VA 19 08/06/92 SAIF Regular
CNSB CNS Bancorp Inc. NASDAQ Jefferson Cit MO 5 06/12/96 SAIF Regular
CNY Carver Bancorp Inc. AMSE New York NY 7 10/25/94 SAIF Regular
COFI Charter One Financial NASDAQ Cleveland OH 221 01/22/88 SAIF Regular
CONE Conestoga Bancorp, Inc. NASDAQ Roslyn NY 8 03/30/94 SAIF Regular
COOP Cooperative Bankshares Inc. NASDAQ Wilmington NC 16 08/21/91 SAIF Regular
CRZY Crazy Woman Creek Bancorp NASDAQ Buffalo WY 1 03/29/96 SAIF Regular
CSA Coast Savings Financial NYSE Los Angeles CA 91 12/23/85 SAIF Regular
CSBF CSB Financial Group Inc. NASDAQ Centralia IL 2 10/09/95 SAIF Regular
CTZN CitFed Bancorp Inc. NASDAQ Dayton OH 35 01/23/92 SAIF Regular
CVAL Chester Valley Bancorp Inc. NASDAQ Downingtown PA 7 03/27/87 SAIF Regular
DCBI Delphos Citizens Bancorp Inc. NASDAQ Delphos OH 1 11/21/96 SAIF Regular
DIBK Dime Financial Corp. NASDAQ Wallingford CT 11 07/09/86 BIF Regular
DIME Dime Community Bancorp Inc. NASDAQ Brooklyn NY 15 06/26/96 BIF Regular
DME Dime Bancorp Inc. NYSE New York NY 91 08/19/86 BIF Regular
DNFC D & N Financial Corp. NASDAQ Hancock MI 37 02/13/85 SAIF Regular
DSL Downey Financial Corp. NYSE Newport Beach CA 85 01/01/71 SAIF Not Avail.
EBSI Eagle Bancshares NASDAQ Tucker GA 14 04/01/86 SAIF Regular
EFBC Empire Federal Bancorp Inc. NASDAQ Livingston MT 3 01/27/97 SAIF Regular
EFBI Enterprise Federal Bancorp NASDAQ West Chester OH 5 10/17/94 SAIF Regular
EGFC Eagle Financial Corp. NASDAQ Bristol CT 30 02/03/87 SAIF Regular
EGLB Eagle BancGroup Inc. NASDAQ Bloomington IL 3 07/01/96 SAIF Regular
EIRE Emerald Isle Bancorp Inc. NASDAQ Quincy MA 9 09/08/86 BIF Regular
EMLD Emerald Financial Corp. NASDAQ Strongsville OH 14 NA SAIF Regular
EQSB Equitable Federal Savings Bank NASDAQ Wheaton MD 4 09/10/93 SAIF Supervisory
ESBK Elmira Savings Bank (The) NASDAQ Elmira NY 6 03/01/85 BIF Regular
ESX Essex Bancorp Inc. AMSE Norfolk VA 4 07/18/90 SAIF Not Avail.
ETFS East Texas Financial Services NASDAQ Tyler TX 2 01/10/95 SAIF Regular
FAB FirstFed America Bancorp Inc. AMSE Swansea MA 13 01/15/97 SAIF Regular
FBBC First Bell Bancorp Inc. NASDAQ Pittsburgh PA 7 06/29/95 SAIF Regular
FBCI Fidelity Bancorp Inc. NASDAQ Chicago IL 5 12/15/93 SAIF Regular
FBCV 1ST Bancorp NASDAQ Vincennes IN 2 04/07/87 SAIF Regular
FBER 1st Bergen Bancorp NASDAQ Wood-Ridge NJ 4 04/01/96 SAIF Regular
FBHC Fort Bend Holding Corp. NASDAQ Rosenberg TX 6 06/30/93 SAIF Regular
FBNW FirstBank Corp. NASDAQ Lewiston ID 5 07/02/97 SAIF Regular
FBSI First Bancshares Inc. NASDAQ Mountain Grov MO 6 12/22/93 SAIF Regular
FCB Falmouth Bancorp Inc. AMSE Falmouth MA 2 03/28/96 BIF Regular
FCBF FCB Financial Corp. NASDAQ Oshkosh WI 13 09/24/93 SAIF Regular
FCME First Coastal Corp. NASDAQ Westbrook ME 7 NA BIF Not Avail.
FDEF First Defiance Financial NASDAQ Defiance OH 10 10/02/95 SAIF Not Avail.
FED FirstFed Financial Corp. NYSE Santa Monica CA 24 12/16/83 SAIF Regular
FESX First Essex Bancorp Inc. NASDAQ Andover MA 15 08/04/87 BIF Regular
FFBA First Colorado Bancorp Inc. NASDAQ Lakewood CO 27 01/02/96 SAIF Not Avail.
FFBH First Federal Bancshares of AR NASDAQ Harrison AR 13 05/03/96 SAIF Regular
FFBI First Financial Bancorp Inc. NASDAQ Belvidere IL 2 10/04/93 SAIF Regular
FFBS FFBS BanCorp Inc. NASDAQ Columbus MS 3 07/01/93 SAIF Regular
FFBZ First Federal Bancorp Inc. NASDAQ Zanesville OH 6 07/13/92 SAIF Regular
FFCH First Financial Holdings Inc. NASDAQ Charleston SC 34 11/10/83 SAIF Regular
FFDB FirstFed Bancorp Inc. NASDAQ Bessemer AL 8 11/19/91 SAIF Regular
FFDF FFD Financial Corp. NASDAQ Dover OH 1 04/03/96 SAIF Regular
FFED Fidelity Federal Bancorp NASDAQ Evansville IN 4 08/31/87 SAIF Regular
FFES First Federal of East Hartford NASDAQ East Hartford CT 12 06/23/87 SAIF Regular
FFFC FFVA Financial Corp. NASDAQ Lynchburg VA 12 10/12/94 SAIF Regular
FFFD North Central Bancshares Inc. NASDAQ Fort Dodge IA 4 03/21/96 SAIF Not Avail.
FFFL Fidelity Bankshares Inc. (MHC) NASDAQ West Palm Bea FL 20 01/07/94 SAIF Mutual HC
FFHH FSF Financial Corp. NASDAQ Hutchinson MN 11 10/07/94 SAIF Regular
FFHS First Franklin Corp. NASDAQ Cincinnati OH 7 01/26/88 SAIF Regular
FFIC Flushing Financial Corp. NASDAQ Flushing NY 7 11/21/95 BIF Regular
FFKY First Federal Financial Corp. NASDAQ Elizabethtown KY 8 07/15/87 SAIF Regular
FFLC FFLC Bancorp Inc. NASDAQ Leesburg FL 9 01/04/94 SAIF Regular
FFOH Fidelity Financial of Ohio NASDAQ Cincinnati OH 12 03/04/96 SAIF Not Avail.
</TABLE>
<PAGE>
Page 2 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Key Financial Data as of The Most Recent Quarter
---------------------------------------------------------
Total Loans/ Loans/ Deposits/ Borrowings/
Assets Deposits Assets Assets Assets
Ticker Short Name ($000) (%) (%) (%) (%)
------ ---------- ------ --- --- --- ---
<S> <C> <C> <C> <C> <C> <C>
CMRN Cameron Financial Corp 208,105 141.36 84.79 59.98 16.94
CMSB Commonwealth Bancorp Inc. 2,278,099 84.24 56.52 67.10 20.97
CMSV Community Savings Bnkshrs(MHC) 709,220 77.42 59.42 76.75 9.46
CNIT CENIT Bancorp Inc. 701,708 96.17 69.83 72.61 19.87
CNSB CNS Bancorp Inc. 97,411 93.03 69.68 74.91 0.00
CNY Carver Bancorp Inc. 415,561 NA NA 64.93 25.92
COFI Charter One Financial 15,196,993 124.08 64.83 52.25 39.09
CONE Conestoga Bancorp, Inc. 494,348 28.70 23.21 80.86 2.02
COOP Cooperative Bankshares Inc. 359,535 99.85 80.28 80.40 11.19
CRZY Crazy Woman Creek Bancorp 54,275 97.48 51.47 52.80 20.41
CSA Coast Savings Financial 9,040,413 95.45 68.05 71.30 22.00
CSBF CSB Financial Group Inc. 48,844 74.99 55.73 74.31 0.00
CTZN CitFed Bancorp Inc. 3,294,554 115.93 63.61 54.87 37.67
CVAL Chester Valley Bancorp Inc. 322,321 101.43 82.46 81.30 9.10
DCBI Delphos Citizens Bancorp Inc. 107,796 109.07 78.29 71.78 0.93
DIBK Dime Financial Corp. 921,510 47.95 41.24 86.00 4.83
DIME Dime Community Bancorp Inc. 1,385,356 80.26 57.80 72.02 12.67
DME Dime Bancorp Inc. 19,413,397 94.41 65.13 68.98 23.69
DNFC D & N Financial Corp. 1,754,069 127.30 74.96 58.88 32.94
DSL Downey Financial Corp. 5,853,968 111.12 90.79 81.70 10.23
EBSI Eagle Bancshares 848,490 104.65 71.43 68.25 19.34
EFBC Empire Federal Bancorp Inc. 108,566 66.68 40.36 60.52 0.92
EFBI Enterprise Federal Bancorp 275,620 131.75 69.93 53.08 34.47
EGFC Eagle Financial Corp. 2,097,179 84.24 54.36 64.53 24.86
EGLB Eagle BancGroup Inc. 172,160 94.94 72.65 76.52 10.89
EIRE Emerald Isle Bancorp Inc. 443,503 86.14 70.84 82.24 10.30
EMLD Emerald Financial Corp. 603,493 90.10 78.03 86.61 4.67
EQSB Equitable Federal Savings Bank 308,197 87.64 69.79 79.63 14.44
ESBK Elmira Savings Bank (The) 228,268 84.47 76.74 90.85 1.97
ESX Essex Bancorp Inc. 190,085 108.75 83.53 76.81 14.24
ETFS East Texas Financial Services 112,697 61.43 48.68 79.24 1.74
FAB FirstFed America Bancorp Inc. 1,036,062 127.05 86.78 68.31 17.52
FBBC First Bell Bancorp Inc. 681,215 111.83 83.14 74.35 12.62
FBCI Fidelity Bancorp Inc. 497,862 120.18 78.08 64.97 22.78
FBCV 1ST Bancorp 260,935 133.34 68.92 51.68 38.42
FBER 1st Bergen Bancorp 284,739 57.55 43.56 75.69 9.60
FBHC Fort Bend Holding Corp. 319,414 55.74 46.96 84.24 5.05
FBNW FirstBank Corp. 154,143 112.69 82.01 72.78 17.92
FBSI First Bancshares Inc. 162,755 114.35 84.39 73.80 11.89
FCB Falmouth Bancorp Inc. 93,915 72.81 54.37 74.67 0.81
FCBF FCB Financial Corp. 522,991 128.34 77.68 60.53 21.90
FCME First Coastal Corp. 148,571 91.39 71.56 78.30 11.76
FDEF First Defiance Financial 574,364 113.58 75.94 66.86 12.63
FED FirstFed Financial Corp. 4,104,647 164.52 78.63 47.79 45.71
FESX First Essex Bancorp Inc. 1,209,698 98.35 60.22 61.23 29.32
FFBA First Colorado Bancorp Inc. 1,512,605 98.08 74.50 75.95 8.92
FFBH First Federal Bancshares of AR 547,119 94.30 77.74 82.44 1.83
FFBI First Financial Bancorp Inc. 84,531 79.68 64.59 81.07 9.11
FFBS FFBS BanCorp Inc. 134,952 90.62 71.00 78.35 3.41
FFBZ First Federal Bancorp Inc. 201,262 134.02 85.95 64.13 27.55
FFCH First Financial Holdings Inc. 1,712,931 132.53 82.73 62.42 29.09
FFDB FirstFed Bancorp Inc. 176,464 78.49 70.03 89.21 0.57
FFDF FFD Financial Corp. 88,220 103.14 66.97 64.93 9.39
FFED Fidelity Federal Bancorp 235,336 110.50 84.36 76.35 16.04
FFES First Federal of East Hartford 987,416 32.97 19.07 57.83 34.97
FFFC FFVA Financial Corp. 567,266 79.70 58.15 72.96 13.05
FFFD North Central Bancshares Inc. 215,133 131.59 85.18 64.73 11.88
FFFL Fidelity Bankshares Inc. (MHC) 999,289 94.64 73.83 78.01 11.51
FFHH FSF Financial Corp. 388,135 125.55 67.36 53.65 34.48
FFHS First Franklin Corp. 231,189 75.46 66.30 87.86 2.64
FFIC Flushing Financial Corp. 960,130 89.51 59.99 67.02 17.19
FFKY First Federal Financial Corp. 382,585 117.81 87.74 74.48 10.84
FFLC FFLC Bancorp Inc. 383,382 96.21 77.13 80.17 5.22
FFOH Fidelity Financial of Ohio 528,704 104.81 83.82 79.97 6.26
</TABLE>
<PAGE>
Page 3 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Corporate
----------------------------------------------------------------------------------
Deposit
Number Insurance
of Agency Conversion
Ticker Short Name Exchange City State Offices IPO Date (BIF/SAIF) Type
------ ---------- -------- ---- ----- ------- ------------------- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FFPB First Palm Beach Bancorp Inc. NASDAQ West Palm Bea FL 47 09/29/93 SAIF Regular
FFSL First Independence Corp. NASDAQ Independence KS 2 10/08/93 SAIF Regular
FFSX First Fed SB of Siouxland(MHC) NASDAQ Sioux City IA 13 07/13/92 SAIF Mutual HC
FFWC FFW Corp. NASDAQ Wabash IN 4 04/05/93 SAIF Regular
FFWD Wood Bancorp Inc. NASDAQ Bowling Green OH 7 08/31/93 SAIF Regular
FFYF FFY Financial Corp. NASDAQ Youngstown OH 10 06/28/93 SAIF Regular
FGHC First Georgia Holding Inc. NASDAQ Brunswick GA 7 02/11/87 SAIF Regular
FIBC Financial Bancorp Inc. NASDAQ Long Island C NY 5 08/17/94 SAIF Regular
FISB First Indiana Corporation NASDAQ Indianapolis IN 26 08/02/83 SAIF Regular
FKFS First Keystone Financial NASDAQ Media PA 5 01/26/95 SAIF Regular
FKKY Frankfort First Bancorp Inc. NASDAQ Frankfort KY 3 07/10/95 SAIF Regular
FLAG FLAG Financial Corp. NASDAQ LaGrange GA 4 12/11/86 SAIF Regular
FLFC First Liberty Financial Corp. NASDAQ Macon GA 31 12/06/83 SAIF Regular
FLGS Flagstar Bancorp Inc. NASDAQ Bloomfield Hi MI 19 NA SAIF Not Avail.
FLKY First Lancaster Bancshares NASDAQ Lancaster KY 1 07/01/96 SAIF Regular
FMBD First Mutual Bancorp Inc. NASDAQ Decatur IL 14 07/05/95 SAIF Regular
FMCO FMS Financial Corp. NASDAQ Burlington NJ 20 12/14/88 SAIF Regular
FMSB First Mutual Savings Bank NASDAQ Bellevue WA 8 12/17/85 BIF Regular
FNGB First Northern Capital Corp. NASDAQ Green Bay WI 19 12/29/83 SAIF Regular
FOBC Fed One Bancorp NASDAQ Wheeling WV 11 01/19/95 SAIF Not Avail.
FPRY First Financial Bancorp NASDAQ Tallahassee FL 6 03/29/88 SAIF Regular
FSBI Fidelity Bancorp Inc. NASDAQ Pittsburgh PA 8 06/24/88 SAIF Regular
FSFC First Southeast Financial Corp NASDAQ Anderson SC 13 10/08/93 SAIF Regular
FSFF First SecurityFed Financial NASDAQ Chicago IL 5 10/31/97 SAIF Regular
FSLA First Savings Bank (MHC) NASDAQ Woodbridge NJ 17 07/10/92 SAIF Mutual HC
FSNJ Bayonne Bancshares Inc. NASDAQ Bayonne NJ 4 08/22/97 SAIF Not Avail.
FSPG First Home Bancorp Inc. NASDAQ Pennsville NJ 10 04/20/87 SAIF Regular
FSPT FirstSpartan Financial Corp. NASDAQ Spartanburg SC 7 07/09/97 SAIF Regular
FSSB First FS&LA of San Bernardino NASDAQ San Bernardin CA 4 02/02/93 SAIF Regular
FSTC First Citizens Corp. NASDAQ Newnan GA 9 03/01/86 SAIF Regular
FTF Texarkana First Financial Corp AMSE Texarkana AR 5 07/07/95 SAIF Regular
FTFC First Federal Capital Corp. NASDAQ La Crosse WI 49 11/02/89 SAIF Regular
FTNB Fulton Bancorp Inc. NASDAQ Fulton MO 2 10/18/96 SAIF Regular
FTSB Fort Thomas Financial Corp. NASDAQ Fort Thomas KY 2 06/28/95 SAIF Regular
FWWB First SB of Washington Bancorp NASDAQ Walla Walla WA 20 11/01/95 SAIF Regular
GAF GA Financial Inc. AMSE Pittsburgh PA 13 03/26/96 SAIF Regular
GBCI Glacier Bancorp Inc. NASDAQ Kalispell MT 18 03/30/84 SAIF Regular
GDVS Greater Delaware Valley (MHC) NASDAQ Broomall PA 7 03/03/95 SAIF Mutual HC
GDW Golden West Financial NYSE Oakland CA 249 05/29/59 SAIF Not Avail.
GFCO Glenway Financial Corp. NASDAQ Cincinnati OH 5 11/30/90 SAIF Regular
GFED Guaranty Federal SB (MHC) NASDAQ Springfield MO 4 04/10/95 SAIF Mutual HC
GFSB GFS Bancorp Inc. NASDAQ Grinnell IA 1 01/06/94 SAIF Regular
GLMR Gilmer Financial Svcs, Inc. NASDAQ Gilmer TX 1 02/09/95 SAIF Regular
GOSB GSB Financial Corp. NASDAQ Goshen NY 2 07/09/97 BIF Regular
GPT GreenPoint Financial Corp. NYSE New York NY 74 01/28/94 BIF Regular
GSB Golden State Bancorp Inc. NYSE Glendale CA 171 10/01/83 SAIF Regular
GSBC Great Southern Bancorp Inc. NASDAQ Springfield MO 25 12/14/89 SAIF Regular
GSFC Green Street Financial Corp. NASDAQ Fayetteville NC 3 04/04/96 SAIF Regular
GSLA GS Financial Corp. NASDAQ Metairie LA 3 04/01/97 SAIF Regular
GTFN Great Financial Corp. NASDAQ Louisville KY 43 03/31/94 SAIF Regular
GTPS Great American Bancorp NASDAQ Champaign IL 3 06/30/95 SAIF Regular
GUPB GFSB Bancorp Inc. NASDAQ Gallup NA 1 06/30/95 SAIF Regular
GWBC Gateway Bancorp Inc. NASDAQ Catlettsburg KY 2 01/18/95 SAIF Regular
HALL Hallmark Capital Corp. NASDAQ West Allis WI 3 01/03/94 SAIF Regular
HARB Harbor Florida Bancorp (MHC) NASDAQ Fort Pierce FL 23 01/06/94 SAIF Mutual HC
HARL Harleysville Savings Bank NASDAQ Harleysville PA 4 08/04/87 SAIF Regular
HARS Harris Financial Inc. (MHC) NASDAQ Harrisburg PA 33 01/25/94 SAIF Mutual HC
HAVN Haven Bancorp Inc. NASDAQ Woodhaven NY 33 09/23/93 SAIF Regular
HBBI Home Building Bancorp NASDAQ Washington IN 2 02/08/95 SAIF Regular
HBEI Home Bancorp of Elgin Inc. NASDAQ Elgin IL 4 09/27/96 SAIF Regular
HBFW Home Bancorp NASDAQ Fort Wayne IN 9 03/30/95 SAIF Regular
HBNK Highland Federal Bank FSB NASDAQ Burbank CA 7 NA SAIF Not Avail.
HBS Haywood Bancshares Inc. AMSE Waynesville NC 4 12/18/87 BIF Not Avail.
HCBB HCB Bancshares Inc. NASDAQ Camden AR 7 05/07/97 SAIF Regular
</TABLE>
<PAGE>
Page 3 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Key Financial Data as of The Most Recent Quarter
---------------------------------------------------------
Total Loans/ Loans/ Deposits/ Borrowings/
Assets Deposits Assets Assets Assets
Ticker Short Name ($000) (%) (%) (%) (%)
------ ---------- ------ --- --- --- ---
<S> <C> <C> <C> <C> <C> <C>
FFPB First Palm Beach Bancorp Inc. 1,808,420 93.56 63.60 67.98 23.71
FFSL First Independence Corp. 112,523 98.69 66.85 67.75 21.06
FFSX First Fed SB of Siouxland(MHC) 456,850 107.08 76.03 71.01 18.93
FFWC FFW Corp. 181,468 104.83 66.40 63.34 25.79
FFWD Wood Bancorp Inc. 166,520 110.66 82.06 74.15 12.63
FFYF FFY Financial Corp. 610,974 103.79 76.28 73.50 10.83
FGHC First Georgia Holding Inc. 156,383 105.35 85.03 80.71 8.85
FIBC Financial Bancorp Inc. 296,956 72.49 52.09 71.86 17.85
FISB First Indiana Corporation 1,547,121 119.42 84.48 70.74 18.34
FKFS First Keystone Financial 373,430 85.34 52.08 61.03 26.78
FKKY Frankfort First Bancorp Inc. 133,255 145.28 92.71 63.82 17.89
FLAG FLAG Financial Corp. 221,926 86.05 69.94 81.28 7.61
FLFC First Liberty Financial Corp. 1,288,919 93.15 68.83 73.89 17.43
FLGS Flagstar Bancorp Inc. 2,033,260 178.76 88.94 49.75 35.36
FLKY First Lancaster Bancshares 47,184 190.54 90.69 47.59 21.02
FMBD First Mutual Bancorp Inc. 402,389 95.81 76.87 80.24 5.34
FMCO FMS Financial Corp. 554,925 65.42 56.01 85.61 6.84
FMSB First Mutual Savings Bank 451,120 96.72 79.01 81.69 9.94
FNGB First Northern Capital Corp. 656,745 123.51 89.96 72.84 13.86
FOBC Fed One Bancorp 357,721 65.70 46.55 70.85 17.47
FPRY First Financial Bancorp 240,379 88.86 77.63 87.36 5.41
FSBI Fidelity Bancorp Inc. 363,302 74.48 48.92 65.69 23.44
FSFC First Southeast Financial Corp 350,038 97.15 79.06 81.38 7.14
FSFF First SecurityFed Financial 258,115 75.11 63.87 85.04 1.55
FSLA First Savings Bank (MHC) 1,044,513 70.81 54.88 77.50 11.92
FSNJ Bayonne Bancshares Inc. 602,201 53.32 39.21 73.53 16.78
FSPG First Home Bancorp Inc. 525,092 87.30 53.80 61.63 31.09
FSPT FirstSpartan Financial Corp. 482,314 110.82 79.38 71.62 0.00
FSSB First FS&LA of San Bernardino 103,674 75.29 71.56 95.05 0.00
FSTC First Citizens Corp. 338,857 92.52 76.61 82.80 5.11
FTF Texarkana First Financial Corp 171,358 103.60 84.72 81.78 0.91
FTFC First Federal Capital Corp. 1,559,672 108.40 79.35 73.20 18.80
FTNB Fulton Bancorp Inc. 100,557 131.97 88.60 67.14 6.46
FTSB Fort Thomas Financial Corp. 97,843 124.42 91.37 73.44 9.04
FWWB First SB of Washington Bancorp 1,098,615 130.11 67.33 51.75 32.85
GAF GA Financial Inc. 802,304 66.62 37.94 56.94 24.98
GBCI Glacier Bancorp Inc. 573,968 119.73 72.40 60.47 27.16
GDVS Greater Delaware Valley (MHC) 248,792 78.64 60.93 77.48 10.51
GDW Golden West Financial 39,228,359 135.94 83.98 61.78 29.67
GFCO Glenway Financial Corp. 293,245 108.40 85.03 78.44 10.76
GFED Guaranty Federal SB (MHC) 199,465 105.99 80.37 75.83 9.10
GFSB GFS Bancorp Inc. 94,496 130.67 85.38 65.34 21.64
GLMR Gilmer Financial Svcs, Inc. 42,171 81.48 56.24 69.02 20.27
GOSB GSB Financial Corp. 154,649 NA NA 62.41 0.00
GPT GreenPoint Financial Corp. 13,093,985 77.96 65.70 84.28 2.22
GSB Golden State Bancorp Inc. 16,432,304 131.08 74.49 56.83 35.00
GSBC Great Southern Bancorp Inc. 727,533 128.87 85.30 66.19 24.11
GSFC Green Street Financial Corp. 177,962 114.47 72.46 63.30 0.00
GSLA GS Financial Corp. 131,071 85.99 36.77 42.76 13.00
GTFN Great Financial Corp. 2,893,505 103.64 68.74 66.33 21.96
GTPS Great American Bancorp 139,568 100.56 78.95 78.51 0.00
GUPB GFSB Bancorp Inc. 93,793 90.48 55.83 61.70 22.32
GWBC Gateway Bancorp Inc. 63,828 45.52 33.04 72.57 0.00
HALL Hallmark Capital Corp. 418,467 100.96 67.84 67.20 23.56
HARB Harbor Florida Bancorp (MHC) 1,131,024 92.82 74.81 80.60 8.88
HARL Harleysville Savings Bank 345,239 90.01 71.38 79.30 13.43
HARS Harris Financial Inc. (MHC) 2,110,299 79.99 42.76 53.46 37.26
HAVN Haven Bancorp Inc. 1,833,284 81.37 58.16 71.48 21.31
HBBI Home Building Bancorp 41,746 90.93 68.65 75.50 9.58
HBEI Home Bancorp of Elgin Inc. 342,518 119.21 85.28 71.53 0.00
HBFW Home Bancorp 334,862 95.19 81.78 85.92 0.00
HBNK Highland Federal Bank FSB 515,990 120.29 80.59 66.99 23.84
HBS Haywood Bancshares Inc. 152,796 97.44 75.44 77.42 6.87
HCBB HCB Bancshares Inc. 200,365 66.22 49.98 75.47 5.19
</TABLE>
<PAGE>
Page 4 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Corporate
----------------------------------------------------------------------------------
Deposit
Number Insurance
of Agency Conversion
Ticker Short Name Exchange City State Offices IPO Date (BIF/SAIF) Type
------ ---------- -------- ---- ----- ------- ------------------- ----
<S> <C> <C> <C> <C> <C> <C> <C>
HCFC Home City Financial Corp. NASDAQ Springfield OH 1 12/30/96 SAIF Regular
HEMT HF Bancorp Inc. NASDAQ Hemet CA 19 06/30/95 SAIF Regular
HFFB Harrodsburg First Fin Bancorp NASDAQ Harrodsburg KY 2 10/04/95 SAIF Regular
HFFC HF Financial Corp. NASDAQ Sioux Falls SD 19 04/08/92 SAIF Regular
HFGI Harrington Financial Group NASDAQ Richmond IN 4 NA SAIF Not Avail.
HFNC HFNC Financial Corp. NASDAQ Charlotte NC 10 12/29/95 SAIF Regular
HFSA Hardin Bancorp Inc. NASDAQ Hardin MO 3 09/29/95 SAIF Regular
HHFC Harvest Home Financial Corp. NASDAQ Cheviot OH 3 10/10/94 SAIF Regular
HIFS Hingham Instit. for Savings NASDAQ Hingham MA 5 12/20/88 BIF Regular
HMCI HomeCorp Inc. NASDAQ Rockford IL 9 06/22/90 SAIF Regular
HMLK Hemlock Federal Financial Corp NASDAQ Oak Forest IL 3 04/02/97 SAIF Regular
HMNF HMN Financial Inc. NASDAQ Spring Valley MN 7 06/30/94 SAIF Regular
HOMF Home Federal Bancorp NASDAQ Seymour IN 16 01/23/88 SAIF Regular
HPBC Home Port Bancorp Inc. NASDAQ Nantucket MA 2 08/25/88 BIF Regular
HRBF Harbor Federal Bancorp Inc. NASDAQ Baltimore MD 9 08/12/94 SAIF Regular
HRZB Horizon Financial Corp. NASDAQ Bellingham WA 12 08/01/86 BIF Regular
HTHR Hawthorne Financial Corp. NASDAQ El Segundo CA 6 NA SAIF Not Avail.
HWEN Home Financial Bancorp NASDAQ Spencer IN 1 07/02/96 SAIF Regular
HZFS Horizon Financial Svcs Corp. NASDAQ Oskaloosa IA 3 06/30/94 SAIF Regular
IBSF IBS Financial Corp. NASDAQ Cherry Hill NJ 10 10/13/94 SAIF Regular
IFSB Independence Federal Svgs Bank NASDAQ Washington DC 2 06/06/85 SAIF Regular
INBI Industrial Bancorp Inc. NASDAQ Bellevue OH 10 08/01/95 SAIF Regular
INCB Indiana Community Bank SB NASDAQ Lebanon IN 4 12/15/94 SAIF Regular
IPSW Ipswich Savings Bank NASDAQ Ipswich MA 6 05/26/93 BIF Regular
ISBF ISB Financial Corp. NASDAQ New Iberia LA 28 04/07/95 SAIF Regular
ITLA ITLA Capital Corp. NASDAQ La Jolla CA 6 10/24/95 BIF Not Avail.
IWBK InterWest Bancorp Inc. NASDAQ Oak Harbor WA 39 NA SAIF Not Avail.
JOAC Joachim Bancorp Inc. NASDAQ De Soto MO 1 12/28/95 SAIF Regular
JSB JSB Financial Inc. NYSE Lynbrook NY 13 06/27/90 BIF Regular
JSBA Jefferson Savings Bancorp NASDAQ Ballwin MO 32 04/08/93 SAIF Regular
JXSB Jacksonville Savings Bk (MHC) NASDAQ Jacksonville IL 4 04/21/95 SAIF Mutual HC
JXVL Jacksonville Bancorp Inc. NASDAQ Jacksonville TX 6 04/01/96 SAIF Not Avail.
KFBI Klamath First Bancorp NASDAQ Klamath Falls OR 33 10/05/95 SAIF Regular
KNK Kankakee Bancorp Inc. AMSE Kankakee IL 9 01/06/93 SAIF Regular
KSAV KS Bancorp Inc. NASDAQ Kenly NC 4 12/30/93 SAIF Regular
KSBK KSB Bancorp Inc. NASDAQ Kingfield ME 8 06/24/93 BIF Regular
KYF Kentucky First Bancorp Inc. AMSE Cynthiana KY 2 08/29/95 SAIF Regular
LARK Landmark Bancshares Inc. NASDAQ Dodge City KS 5 03/28/94 SAIF Regular
LARL Laurel Capital Group Inc. NASDAQ Allison Park PA 6 02/20/87 SAIF Regular
LFBI Little Falls Bancorp Inc. NASDAQ Little Falls NJ 6 01/05/96 SAIF Regular
LFCO Life Financial Corp. NASDAQ Riverside CA 5 NA SAIF Not Avail.
LFED Leeds Federal Savings Bk (MHC) NASDAQ Baltimore MD 1 05/02/94 SAIF Mutual HC
LIFB Life Bancorp Inc. NASDAQ Norfolk VA 21 10/11/94 SAIF Regular
LISB Long Island Bancorp Inc. NASDAQ Melville NY 35 04/18/94 SAIF Regular
LOGN Logansport Financial Corp. NASDAQ Logansport IN 1 06/14/95 SAIF Regular
LONF London Financial Corporation NASDAQ London OH 1 04/01/96 SAIF Regular
LSBI LSB Financial Corp. NASDAQ Lafayette IN 4 02/03/95 BIF Regular
LSBX Lawrence Savings Bank NASDAQ North Andover MA 5 05/02/86 BIF Regular
LVSB Lakeview Financial NASDAQ Paterson NJ 8 12/22/93 SAIF Regular
LXMO Lexington B&L Financial Corp. NASDAQ Lexington MO 1 06/06/96 SAIF Regular
MAFB MAF Bancorp Inc. NASDAQ Clarendon Hil IL 21 01/12/90 SAIF Regular
MARN Marion Capital Holdings NASDAQ Marion IN 2 03/18/93 SAIF Regular
MASB MASSBANK Corp. NASDAQ Reading MA 15 05/28/86 BIF Regular
MBB MSB Bancorp Inc. AMSE Goshen NY 16 09/03/92 BIF Regular
MBBC Monterey Bay Bancorp Inc. NASDAQ Watsonville CA 7 02/15/95 SAIF Regular
MBLF MBLA Financial Corp. NASDAQ Macon MO 2 06/24/93 SAIF Regular
MBSP Mitchell Bancorp Inc. NASDAQ Spruce Pine NC 1 07/12/96 SAIF Regular
MCBN Mid-Coast Bancorp Inc. NASDAQ Waldoboro ME 2 11/02/89 SAIF Regular
MCBS Mid Continent Bancshares Inc. NASDAQ El Dorado KS 10 06/27/94 SAIF Regular
MDBK Medford Savings Bank NASDAQ Medford MA 16 03/18/86 BIF Regular
MECH Mechanics Savings Bank NASDAQ Hartford CT 14 06/26/96 BIF Regular
MERI Meritrust Federal SB NASDAQ Thibodaux LA 8 NA SAIF Not Avail.
METF Metropolitan Financial Corp. NASDAQ Mayfield Heig OH 15 NA SAIF Not Avail.
MFBC MFB Corp. NASDAQ Mishawaka IN 5 03/25/94 SAIF Regular
</TABLE>
<PAGE>
Page 4 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Key Financial Data as of The Most Recent Quarter
---------------------------------------------------------
Total Loans/ Loans/ Deposits/ Borrowings/
Assets Deposits Assets Assets Assets
Ticker Short Name ($000) (%) (%) (%) (%)
------ ---------- ------ --- --- --- ---
<S> <C> <C> <C> <C> <C> <C>
HCFC Home City Financial Corp. 70,110 116.70 85.94 73.64 6.15
HEMT HF Bancorp Inc. 1,050,377 61.99 50.58 81.59 9.04
HFFB Harrodsburg First Fin Bancorp 108,949 102.71 73.91 71.96 0.00
HFFC HF Financial Corp. 574,889 103.03 77.89 75.59 11.78
HFGI Harrington Financial Group 521,043 71.85 19.16 26.66 67.60
HFNC HFNC Financial Corp. 866,859 157.03 80.13 51.02 28.47
HFSA Hardin Bancorp Inc. 117,364 76.50 49.43 64.61 22.58
HHFC Harvest Home Financial Corp. 87,596 79.16 51.58 65.15 22.43
HIFS Hingham Instit. for Savings 216,240 104.75 77.07 73.58 15.82
HMCI HomeCorp Inc. 326,877 88.83 81.29 91.52 0.73
HMLK Hemlock Federal Financial Corp 161,905 47.25 37.61 79.60 0.00
HMNF HMN Financial Inc. 568,847 97.51 62.86 64.46 19.69
HOMF Home Federal Bancorp 694,109 113.07 85.58 75.69 14.82
HPBC Home Port Bancorp Inc. 201,014 118.88 84.50 71.08 17.35
HRBF Harbor Federal Bancorp Inc. 217,202 87.29 69.02 79.06 6.78
HRZB Horizon Financial Corp. 531,028 95.84 79.05 82.48 0.00
HTHR Hawthorne Financial Corp. 891,163 100.52 87.57 87.11 5.90
HWEN Home Financial Bancorp 41,309 136.66 85.56 62.61 19.37
HZFS Horizon Financial Svcs Corp. 87,784 NA NA 64.12 25.16
IBSF IBS Financial Corp. 734,751 37.20 28.73 77.22 4.67
IFSB Independence Federal Svgs Bank 258,460 79.51 61.17 76.93 15.03
INBI Industrial Bancorp Inc. 354,116 116.04 88.34 76.12 5.93
INCB Indiana Community Bank SB 93,702 90.81 79.10 87.10 0.00
IPSW Ipswich Savings Bank 202,509 93.07 75.75 81.38 11.44
ISBF ISB Financial Corp. 947,107 79.96 65.57 82.00 4.99
ITLA ITLA Capital Corp. 901,555 103.22 84.31 81.68 6.82
IWBK InterWest Bancorp Inc. 2,046,705 95.90 54.89 57.24 35.72
JOAC Joachim Bancorp Inc. 34,938 98.81 69.59 70.43 0.00
JSB JSB Financial Inc. 1,531,068 83.22 61.03 73.33 0.00
JSBA Jefferson Savings Bancorp 1,292,021 91.00 75.80 83.29 6.75
JXSB Jacksonville Savings Bk (MHC) 162,746 90.73 79.48 87.60 0.16
JXVL Jacksonville Bancorp Inc. 226,182 91.84 75.36 82.06 0.88
KFBI Klamath First Bancorp 980,078 82.01 56.40 68.77 14.90
KNK Kankakee Bancorp Inc. 339,937 86.29 70.11 81.25 6.98
KSAV KS Bancorp Inc. 109,937 107.50 84.55 78.65 7.28
KSBK KSB Bancorp Inc. 149,657 107.81 77.38 71.77 19.43
KYF Kentucky First Bancorp Inc. 88,089 90.77 56.42 62.15 20.17
LARK Landmark Bancshares Inc. 228,100 107.40 67.53 62.87 21.98
LARL Laurel Capital Group Inc. 209,980 85.38 70.26 82.29 5.26
LFBI Little Falls Bancorp Inc. 324,425 64.60 45.05 69.74 18.03
LFCO Life Financial Corp. 294,102 141.11 76.69 54.35 24.32
LFED Leeds Federal Savings Bk (MHC) 286,999 75.42 61.12 81.04 0.23
LIFB Life Bancorp Inc. 1,486,357 88.26 43.99 49.84 38.55
LISB Long Island Bancorp Inc. 5,930,784 98.53 61.97 62.90 25.32
LOGN Logansport Financial Corp. 85,801 99.17 71.36 71.96 6.41
LONF London Financial Corporation 38,240 100.24 77.55 77.37 2.09
LSBI LSB Financial Corp. 200,266 130.80 88.50 67.66 23.32
LSBX Lawrence Savings Bank 352,980 62.22 44.27 71.15 18.13
LVSB Lakeview Financial 505,882 61.48 45.06 73.30 12.57
LXMO Lexington B&L Financial Corp. 59,236 107.94 76.69 71.05 0.00
MAFB MAF Bancorp Inc. 3,370,587 115.74 78.85 68.12 22.38
MARN Marion Capital Holdings 179,822 127.59 85.56 67.05 8.06
MASB MASSBANK Corp. 932,757 32.71 28.79 88.01 0.10
MBB MSB Bancorp Inc. 773,991 NA NA 88.38 0.04
MBBC Monterey Bay Bancorp Inc. 409,663 83.42 64.53 77.36 10.58
MBLF MBLA Financial Corp. 224,013 124.51 57.97 46.56 40.09
MBSP Mitchell Bancorp Inc. 34,591 151.12 83.76 55.42 0.00
MCBN Mid-Coast Bancorp Inc. 61,473 112.85 81.70 72.40 18.61
MCBS Mid Continent Bancshares Inc. 408,590 92.61 55.99 60.45 28.41
MDBK Medford Savings Bank 1,106,345 71.20 53.04 74.50 15.99
MECH Mechanics Savings Bank 830,741 NA NA 78.36 10.35
MERI Meritrust Federal SB 233,311 58.22 52.50 90.19 0.00
METF Metropolitan Financial Corp. 865,572 94.13 74.69 79.35 15.19
MFBC MFB Corp. 255,921 117.11 78.66 67.16 18.71
</TABLE>
<PAGE>
Page 5 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Corporate
----------------------------------------------------------------------------------
Deposit
Number Insurance
of Agency Conversion
Ticker Short Name Exchange City State Offices IPO Date (BIF/SAIF) Type
------ ---------- -------- ---- ----- ------- ------------------- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
MFCX Marshalltown Financial Corp. NASDAQ Marshalltown IA 3 03/31/94 SAIF Regular
MFFC Milton Federal Financial Corp. NASDAQ West Milton OH 3 10/07/94 SAIF Regular
MFLR Mayflower Co-operative Bank NASDAQ Middleboro MA 4 12/23/87 BIF Regular
MFSL Maryland Federal Bancorp NASDAQ Hyattsville MD 26 06/02/87 SAIF Regular
MIFC Mid-Iowa Financial Corp. NASDAQ Newton IA 7 10/14/92 SAIF Regular
MIVI Mississippi View Holding Co. NASDAQ Little Falls MN 1 03/24/95 SAIF Regular
MLBC ML Bancorp Inc. NASDAQ Villanova PA 29 08/11/94 SAIF Regular
MONT Montgomery Financial Corp. NASDAQ Crawfordsvill IN 4 07/01/97 SAIF Not Avail.
MRKF Market Financial Corp. NASDAQ Mount Healthy OH 2 03/27/97 SAIF Regular
MSBF MSB Financial Inc. NASDAQ Marshall MI 2 02/06/95 SAIF Regular
MSBK Mutual Savings Bank FSB NASDAQ Bay City MI 22 07/17/92 SAIF Regular
MWBI Midwest Bancshares Inc. NASDAQ Burlington IA 4 11/12/92 SAIF Regular
MWBX MetroWest Bank NASDAQ Framingham MA 12 10/10/86 BIF Regular
MWFD Midwest Federal Financial NASDAQ Baraboo WI 9 07/08/92 SAIF Regular
NASB North American Savings Bank NASDAQ Grandview MO 7 09/27/85 SAIF Not Avail.
NBN Northeast Bancorp AMSE Auburn ME 11 08/19/87 BIF Regular
NBSI North Bancshares Inc. NASDAQ Chicago IL 2 12/21/93 SAIF Regular
NEIB Northeast Indiana Bancorp NASDAQ Huntington IN 3 06/28/95 SAIF Regular
NHTB New Hampshire Thrift Bncshrs NASDAQ New London NH 10 05/22/86 SAIF Regular
NASB NewMil Bancorp Inc. NASDAQ New Milford CT 15 02/01/86 BIF Regular
NSLB NS&L Bancorp Inc. NASDAQ Neosho MO 2 06/08/95 SAIF Regular
NSSB Norwich Financial Corp. NASDAQ Norwich CT 17 11/14/86 BIF Regular
NSSY NSS Bancorp Inc. NASDAQ Norwalk CT 8 06/16/94 BIF Regular
NTMG Nutmeg Federal S&LA NASDAQ Danbury CT 3 NA SAIF Not Avail.
NWEQ Northwest Equity Corp. NASDAQ Amery WI 3 10/11/94 SAIF Regular
NWSB Northwest Savings Bank (MHC) NASDAQ Warren PA 58 11/07/94 SAIF Mutual HC
NYB New York Bancorp Inc. NYSE Douglaston NY 31 01/28/88 SAIF Regular
OCFC Ocean Financial Corp. NASDAQ Toms River NJ 10 07/03/96 SAIF Regular
OCN Ocwen Financial Corp. NYSE West Palm Bea FL 1 NA SAIF Not Avail.
OFCP Ottawa Financial Corp. NASDAQ Holland MI 26 08/19/94 SAIF Regular
OHSL OHSL Financial Corp. NASDAQ Cincinnati OH 5 02/10/93 SAIF Regular
OSFS Ohio State Financial Services NASDAQ Bridgeport OH 2 09/29/97 SAIF Regular
OTFC Oregon Trail Financial Corp. NASDAQ Baker City OR 7 10/06/97 SAIF Regular
PALM Palfed Inc. NASDAQ Aiken SC 22 12/15/85 SAIF Regular
PBCI Pamrapo Bancorp Inc. NASDAQ Bayonne NJ 10 11/14/89 SAIF Regular
PBCT People's Bank (MHC) NASDAQ Bridgeport CT 111 07/06/88 BIF Mutual HC
PBHC Oswego City Savings Bk (MHC) NASDAQ Oswego NY 5 11/16/95 BIF Mutual HC
PBKB People's Bancshares Inc. NASDAQ New Bedford MA 14 10/30/86 BIF Regular
PCBC Perry County Financial Corp. NASDAQ Perryville MO 1 02/13/95 SAIF Regular
PDB Piedmont Bancorp Inc. AMSE Hillsborough NC 1 12/08/95 SAIF Regular
PEEK Peekskill Financial Corp. NASDAQ Peekskill NY 3 12/29/95 SAIF Regular
PERM Permanent Bancorp Inc. NASDAQ Evansville IN 12 04/04/94 SAIF Regular
PERT Perpetual Bank (MHC) NASDAQ Anderson SC 6 10/26/93 SAIF Mutual HC
PFDC Peoples Bancorp NASDAQ Auburn IN 6 07/07/87 SAIF Regular
PFED Park Bancorp Inc. NASDAQ Chicago IL 3 08/12/96 SAIF Regular
PFFB PFF Bancorp Inc. NASDAQ Pomona CA 23 03/29/96 SAIF Regular
PFFC Peoples Financial Corp. NASDAQ Massillon OH 2 09/13/96 SAIF Regular
PFNC Progress Financial Corp. NASDAQ Blue Bell PA 10 07/18/83 SAIF Regular
PFSB PennFed Financial Services Inc NASDAQ West Orange NJ 18 07/15/94 SAIF Regular
PFSL Pocahontas FS&LA (MHC) NASDAQ Pocahontas AR 6 04/05/94 SAIF Mutual HC
PHBK Peoples Heritage Finl Group NASDAQ Portland ME 135 12/04/86 BIF Regular
PHFC Pittsburgh Home Financial Corp NASDAQ Pittsburgh PA 9 04/01/96 SAIF Regular
PHSB Peoples Home Savings Bk (MHC) NASDAQ Beaver Falls PA 9 07/10/97 SAIF Mutual HC
PKPS Poughkeepsie Financial Corp. NASDAQ Poughkeepsie NY 15 11/19/85 SAIF Regular
PLSK Pulaski Savings Bank (MHC) NASDAQ Springfield NJ 6 04/03/97 SAIF Mutual HC
PMFI Perpetual Midwest Financial NASDAQ Cedar Rapids IA 5 03/31/94 SAIF Regular
PRBC Prestige Bancorp Inc. NASDAQ Pleasant Hill PA 4 06/27/96 SAIF Regular
PROV Provident Financial Holdings NASDAQ Riverside CA 10 06/28/96 SAIF Regular
PSBK Progressive Bank Inc. NASDAQ Fishkill NY 17 08/01/84 BIF Regular
PSFC Peoples-Sidney Financial Corp. NASDAQ Sidney OH 1 04/28/97 SAIF Regular
PSFI PS Financial Inc. NASDAQ Chicago IL 1 11/27/96 SAIF Regular
PTRS Potters Financial Corp. NASDAQ East Liverpoo OH 4 12/31/93 SAIF Regular
PULB Pulaski Bank, Svgs Bank (MHC) NASDAQ St. Louis MO 5 05/11/94 SAIF Mutual HC
PULS Pulse Bancorp NASDAQ South River NJ 4 09/18/86 SAIF Regular
</TABLE>
<PAGE>
Page 5 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Key Financial Data as of The Most Recent Quarter
---------------------------------------------------------
Total Loans/ Loans/ Deposits/ Borrowings/
Assets Deposits Assets Assets Assets
Ticker Short Name ($000) (%) (%) (%) (%)
------ ---------- ------ --- --- --- ---
<S> <C> <C> <C> <C> <C> <C>
MFCX Marshalltown Financial Corp. 125,491 63.93 52.84 82.64 0.00
MFFC Milton Federal Financial Corp. 209,958 89.59 60.94 68.03 18.85
MFLR Mayflower Co-operative Bank 125,671 73.08 58.45 79.98 9.55
MFSL Maryland Federal Bancorp 1,175,006 123.18 86.29 70.06 19.10
MIFC Mid-Iowa Financial Corp. 125,541 81.26 52.80 64.98 24.29
MIVI Mississippi View Holding Co. 68,546 NA NA 80.51 0.00
MLBC ML Bancorp Inc. 2,315,784 103.95 44.90 43.20 46.94
MONT Montgomery Financial Corp. 101,986 125.36 89.00 71.00 8.26
MRKF Market Financial Corp. 56,578 72.14 45.80 63.48 0.00
MSBF MSB Financial Inc. 77,014 169.02 92.01 54.44 27.61
MSBK Mutual Savings Bank FSB 654,127 76.84 47.13 61.34 30.57
MWBI Midwest Bancshares Inc. 149,850 86.57 61.14 70.62 21.69
MWBX MetroWest Bank 585,760 92.94 76.36 82.17 9.29
MWFD Midwest Federal Financial 207,050 96.58 74.49 77.13 12.99
NASB North American Savings Bank 736,585 125.19 86.56 69.14 22.12
NBN Northeast Bancorp 265,442 135.67 78.84 58.12 33.39
NBSI North Bancshares Inc. 122,081 104.73 62.73 59.90 23.84
NEIB Northeast Indiana Bancorp 190,319 175.42 89.38 50.95 34.15
NHTB New Hampshire Thrift Bncshrs 319,338 96.15 81.03 84.28 7.06
NASB NewMil Bancorp Inc. 317,407 61.12 53.59 87.69 1.26
NSLB NS&L Bancorp Inc. 59,711 75.61 55.74 73.72 5.02
NSSB Norwich Financial Corp. 700,860 82.33 69.88 84.88 2.23
NSSY NSS Bancorp Inc. 663,668 104.64 67.81 64.81 26.37
NTMG Nutmeg Federal S&LA 102,438 106.37 88.13 82.85 5.24
NWEQ Northwest Equity Corp. 96,954 127.25 82.18 64.58 23.09
NWSB Northwest Savings Bank (MHC) 2,100,744 94.37 75.87 80.40 8.75
NYB New York Bancorp Inc. 3,244,200 121.06 62.85 51.92 38.65
OCFC Ocean Financial Corp. 1,489,220 78.83 51.12 64.85 19.31
OCN Ocwen Financial Corp. 3,069,300 105.40 67.68 64.22 15.78
OFCP Ottawa Financial Corp. 866,966 115.78 85.74 74.05 16.03
OHSL OHSL Financial Corp. 234,600 93.54 72.30 77.29 10.98
OSFS Ohio State Financial Services 34,264 85.65 72.38 84.51 0.00
OTFC Oregon Trail Financial Corp. 203,457 75.24 65.32 86.81 2.01
PALM Palfed Inc. 668,504 97.19 83.37 85.78 4.86
PBCI Pamrapo Bancorp Inc. 371,958 69.58 56.42 81.10 4.16
PBCT People's Bank (MHC) 7,731,200 91.68 66.58 72.62 16.48
PBHC Oswego City Savings Bk (MHC) 193,005 73.80 59.68 80.87 6.40
PBKB People's Bancshares Inc. 717,451 112.33 54.60 48.60 42.99
PCBC Perry County Financial Corp. 81,105 21.97 16.44 74.83 5.55
PDB Piedmont Bancorp Inc. 126,544 123.82 83.07 67.08 15.45
PEEK Peekskill Financial Corp. 182,560 34.84 25.27 72.53 0.00
PERM Permanent Bancorp Inc. 433,568 78.11 50.25 64.33 25.23
PERT Perpetual Bank (MHC) 256,211 90.61 68.28 75.36 10.93
PFDC Peoples Bancorp 287,564 95.85 79.92 83.38 0.99
PFED Park Bancorp Inc. 174,515 54.05 39.73 73.50 1.72
PFFB PFF Bancorp Inc. 2,615,466 110.35 72.31 65.53 22.97
PFFC Peoples Financial Corp. 86,486 84.64 60.45 71.43 0.00
PFNC Progress Financial Corp. 436,746 93.16 69.39 74.48 14.56
PFSB PennFed Financial Services Inc 1,363,950 99.59 71.19 71.48 20.29
PFSL Pocahontas FS&LA (MHC) 378,700 109.61 40.83 37.25 55.33
PHBK Peoples Heritage Finl Group 6,056,083 95.41 67.25 70.48 19.35
PHFC Pittsburgh Home Financial Corp 273,304 131.74 66.87 50.76 37.21
PHSB Peoples Home Savings Bk (MHC) 206,426 58.33 49.11 84.19 1.51
PKPS Poughkeepsie Financial Corp. 883,981 107.39 74.32 69.20 20.92
PLSK Pulaski Savings Bank (MHC) 178,987 67.24 56.62 84.21 3.17
PMFI Perpetual Midwest Financial 401,665 107.69 83.15 77.21 12.75
PRBC Prestige Bancorp Inc. 137,834 103.90 67.89 65.34 22.62
PROV Provident Financial Holdings 640,634 110.09 89.88 81.64 2.94
PSBK Progressive Bank Inc. 884,617 72.86 65.94 90.51 0.00
PSFC Peoples-Sidney Financial Corp. 102,835 120.18 89.29 74.29 0.00
PSFI PS Financial Inc. 85,698 86.24 41.58 48.21 9.92
PTRS Potters Financial Corp. 122,716 78.90 64.84 82.19 8.03
PULB Pulaski Bank, Svgs Bank (MHC) 180,232 95.56 79.58 83.28 1.22
PULS Pulse Bancorp 526,016 31.55 24.65 78.14 12.87
</TABLE>
<PAGE>
Page 6 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Corporate
----------------------------------------------------------------------------------
Deposit
Number Insurance
of Agency Conversion
Ticker Short Name Exchange City State Offices IPO Date (BIF/SAIF) Type
------ ---------- -------- ---- ----- ------- ------------------- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PVFC PVF Capital Corp. NASDAQ Bedford Heigh OH 9 12/30/92 SAIF Supervisory
PVSA Parkvale Financial Corporation NASDAQ Monroeville PA 29 07/16/87 SAIF Regular
PWBC PennFirst Bancorp Inc. NASDAQ Ellwood City PA 11 06/13/90 SAIF Regular
PWBK Pennwood Bancorp Inc. NASDAQ Pittsburgh PA 3 07/15/96 SAIF Regular
QCBC Quaker City Bancorp Inc. NASDAQ Whittier CA 8 12/30/93 SAIF Regular
QCFB QCF Bancorp Inc. NASDAQ Virginia MN 2 04/03/95 SAIF Regular
QCSB Queens County Bancorp Inc. NASDAQ Flushing NY 11 11/23/93 BIF Regular
RARB Raritan Bancorp Inc. NASDAQ Raritan NJ 6 03/01/87 BIF Regular
REDF RedFed Bancorp Inc. NASDAQ Redlands CA 14 04/08/94 SAIF Regular
RELI Reliance Bancshares Inc. NASDAQ Milwaukee WI 1 04/19/96 SAIF Regular
RELY Reliance Bancorp Inc. NASDAQ Garden City NY 30 03/31/94 SAIF Regular
RIVR River Valley Bancorp NASDAQ Madison IN 6 12/20/96 SAIF Regular
ROSE TR Financial Corp. NASDAQ Garden City NY 15 06/29/93 BIF Regular
RSLN Roslyn Bancorp Inc. NASDAQ Roslyn NY 8 01/13/97 BIF Regular
RVSB Riverview Bancorp Inc. NASDAQ Camas WA 9 10/26/93 SAIF Regular
SBFL SB of the Finger Lakes (MHC) NASDAQ Geneva NY 5 11/11/94 SAIF Mutual HC
SBOS Boston Bancorp (The) NASDAQ South Boston MA 7 11/09/83 BIF Regular
SCBS Southern Community Bancshares NASDAQ Cullman AL 1 12/23/96 SAIF Regular
SCCB S. Carolina Community Bancshrs NASDAQ Winnsboro SC 3 07/07/94 SAIF Regular
SFED SFS Bancorp Inc. NASDAQ Schenectady NY 4 06/30/95 SAIF Regular
SFFC StateFed Financial Corp. NASDAQ Des Moines IA 2 01/05/94 SAIF Regular
SFIN Statewide Financial Corp. NASDAQ Jersey City NJ 16 10/02/95 SAIF Regular
SFNB Security First Network Bank NASDAQ Atlanta GA 1 NA SAIF Not Avail.
SFSB SuburbFed Financial Corp. NASDAQ Flossmoor IL 12 03/04/92 SAIF Regular
SFSL Security First Corp. NASDAQ Mayfield Heig OH 14 01/22/88 SAIF Regular
SGVB SGV Bancorp Inc. NASDAQ West Covina CA 8 06/29/95 SAIF Regular
SHEN First Shenango Bancorp Inc. NASDAQ New Castle PA 4 04/06/93 SAIF Regular
SHSB SHS Bancorp Inc. NASDAQ Pittsburgh PA 3 10/01/97 SAIF Regular
SISB SIS Bancorp Inc. NASDAQ Springfield MA 25 02/08/95 BIF Regular
SKAN Skaneateles Bancorp Inc. NASDAQ Skaneateles NY 9 06/02/86 BIF Regular
SKBO First Carnegie Deposit (MHC) NASDAQ Carnegie PA 3 04/04/97 SAIF Mutual HC
SMBC Southern Missouri Bancorp Inc. NASDAQ Poplar Bluff MO 8 04/13/94 SAIF Regular
SMFC Sho-Me Financial Corp. NASDAQ Mt. Vernon MO 8 07/01/94 SAIF Regular
SOBI Sobieski Bancorp Inc. NASDAQ South Bend IN 3 03/31/95 SAIF Regular
SOPN First Savings Bancorp Inc. NASDAQ Southern Pine NC 5 01/06/94 SAIF Regular
SOSA Somerset Savings Bank NASDAQ Somerville MA 5 07/09/86 BIF Regular
SPBC St. Paul Bancorp Inc. NASDAQ Chicago IL 52 05/18/87 SAIF Regular
SRN Southern Banc Co. AMSE Gadsden AL 4 10/05/95 SAIF Regular
SSB Scotland Bancorp Inc. AMSE Laurinburg NC 2 04/01/96 SAIF Regular
SSFC South Street Financial Corp. NASDAQ Albemarle NC 2 10/03/96 SAIF Regular
SSM Stone Street Bancorp Inc. AMSE Mocksville NC 2 04/01/96 SAIF Regular
STFR St. Francis Capital Corp. NASDAQ Milwaukee WI 23 06/21/93 SAIF Regular
STSA Sterling Financial Corp. NASDAQ Spokane WA 41 NA SAIF Not Avail.
SVRN Sovereign Bancorp Inc. NASDAQ Wyomissing PA 150 08/12/86 SAIF Regular
SWBI Southwest Bancshares NASDAQ Hometown IL 6 06/24/92 SAIF Regular
SWCB Sandwich Bancorp Inc. NASDAQ Sandwich MA 11 07/25/86 BIF Regular
SZB SouthFirst Bancshares Inc. AMSE Sylacauga AL 2 02/14/95 SAIF Regular
THR Three Rivers Financial Corp. AMSE Three Rivers MI 4 08/24/95 SAIF Regular
THRD TF Financial Corporation NASDAQ Newtown PA 14 07/13/94 SAIF Regular
TPNZ Tappan Zee Financial Inc. NASDAQ Tarrytown NY 1 10/05/95 SAIF Regular
TRIC Tri-County Bancorp Inc. NASDAQ Torrington WY 2 09/30/93 SAIF Regular
TSBS Peoples Bancorp Inc. (MHC) NASDAQ Lawrenceville NJ 14 08/03/95 BIF Mutual HC
TSH Teche Holding Co. AMSE Franklin LA 9 04/19/95 SAIF Regular
TWIN Twin City Bancorp NASDAQ Bristol TN 3 01/04/95 SAIF Regular
UBMT United Financial Corp. NASDAQ Great Falls MT 4 09/23/86 SAIF Regular
UFRM United Federal Savings Bank NASDAQ Rocky Mount NC 13 07/01/80 SAIF Regular
USAB USABancshares, Inc. NASDAQ Philadelphia PA 1 NA BIF Not Avail.
VABF Virginia Beach Fed. Financial NASDAQ Virginia Beac VA 14 11/01/80 SAIF Not Avail.
VFFC Virginia First Financial Corp. NASDAQ Petersburg VA 24 01/01/78 SAIF Not Avail.
WAMU Washington Mutual Inc. NASDAQ Seattle WA 914 03/11/83 BIF Regular
WAYN Wayne Svgs Community Bank(MHC) NASDAQ Wooster OH 6 06/25/93 SAIF Mutual HC
WBST Webster Financial Corp. NASDAQ Waterbury CT 84 12/12/86 SAIF Regular
WCBI Westco Bancorp NASDAQ Westchester IL 1 06/26/92 SAIF Regular
WCFB Webster City Federal SB (MHC) NASDAQ Webster City IA 1 08/15/94 SAIF Mutual HC
</TABLE>
<PAGE>
Page 6 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Key Financial Data as of The Most Recent Quarter
---------------------------------------------------------
Total Loans/ Loans/ Deposits/ Borrowings/
Assets Deposits Assets Assets Assets
Ticker Short Name ($000) (%) (%) (%) (%)
------ ---------- ------ --- --- --- ---
<S> <C> <C> <C> <C> <C> <C>
PVFC PVF Capital Corp. 383,278 113.83 93.49 82.13 8.58
PVSA Parkvale Financial Corporation 1,005,440 83.81 74.64 89.06 2.17
PWBC PennFirst Bancorp Inc. 822,350 85.15 40.81 47.93 42.64
PWBK Pennwood Bancorp Inc. 47,645 79.26 60.79 76.69 3.06
QCBC Quaker City Bancorp Inc. 847,024 118.76 78.89 66.43 22.27
QCFB QCF Bancorp Inc. 158,192 62.15 41.07 66.09 13.43
QCSB Queens County Bancorp Inc. 1,541,049 129.11 88.10 68.23 17.99
RARB Raritan Bancorp Inc. 407,262 77.95 64.29 82.48 8.62
REDF RedFed Bancorp Inc. 967,309 NA NA 86.39 3.56
RELI Reliance Bancshares Inc. 46,987 153.59 57.86 37.67 12.86
RELY Reliance Bancorp Inc. 2,034,753 62.83 44.88 71.43 18.47
RIVR River Valley Bancorp 140,442 98.29 81.20 82.61 3.56
ROSE TR Financial Corp. 3,691,564 84.73 53.28 62.88 28.41
RSLN Roslyn Bancorp Inc. 3,474,150 49.04 26.48 54.00 26.44
RVSB Riverview Bancorp Inc. 282,247 83.91 56.04 66.79 11.53
SBFL SB of the Finger Lakes (MHC) 227,970 57.88 46.64 80.59 9.08
SBOS Boston Bancorp (The) 1,715,070 24.42 19.25 78.85 7.61
SCBS Southern Community Bancshares 70,370 75.43 58.98 78.19 0.00
SCCB S. Carolina Community Bancshrs 46,598 106.54 77.79 73.02 0.00
SFED SFS Bancorp Inc. 174,093 NA NA 86.08 0.00
SFFC StateFed Financial Corp. 87,542 130.17 77.82 59.78 21.70
SFIN Statewide Financial Corp. 703,112 75 47.2 62.93 26.75
SFNB Security First Network Bank 78,653 18.26 10.24 56.08 1.38
SFSB SuburbFed Financial Corp. 432,559 90.79 66.08 72.78 19.27
SFSL Security First Corp. 680,827 126.75 89.36 70.50 19.25
SGVB SGV Bancorp Inc. 408,975 106.09 76.00 71.63 20.00
SHEN First Shenango Bancorp Inc. 401,437 95.80 65.27 68.13 19.46
SHSB SHS Bancorp Inc. 82,809 85.97 67.25 78.22 14.14
SISB SIS Bancorp Inc. 1,453,017 67.39 47.38 70.31 19.67
SKAN Skaneateles Bancorp Inc. 247,643 102.29 85.98 84.05 7.42
SKBO First Carnegie Deposit (MHC) 147,122 80.07 42.40 52.96 28.84
SMBC Southern Missouri Bancorp Inc. 160,393 91.39 67.64 74.01 8.44
SMFC Sho-Me Financial Corp. 344,849 150.04 87.47 58.30 31.63
SOBI Sobieski Bancorp Inc. 84,279 110.72 76.81 69.37 15.44
SOPN First Savings Bancorp Inc. 295,315 95.38 66.67 69.90 6.10
SOSA Somerset Savings Bank 520,339 86.71 76.29 87.98 4.53
SPBC St. Paul Bancorp Inc. 4,548,436 94.00 67.96 72.29 17.57
SRN Southern Banc Co. 106,164 43.79 35.93 82.04 0.00
SSB Scotland Bancorp Inc. 69,479 113.46 69.32 61.10 0.00
SSFC South Street Financial Corp. 241,744 77.97 45.88 58.84 14.48
SSM Stone Street Bancorp Inc. 104,773 135.09 86.03 63.68 4.82
STFR St. Francis Capital Corp. 1,661,916 68.41 44.75 65.41 25.29
STSA Sterling Financial Corp. 1,870,513 104.75 55.97 53.43 39.60
SVRN Sovereign Bancorp Inc. 14,601,008 133.15 70.68 53.08 40.58
SWBI Southwest Bancshares 375,004 99.46 73.03 73.43 13.56
SWCB Sandwich Bancorp Inc. 511,765 88.81 71.73 80.76 10.17
SZB SouthFirst Bancshares Inc. 97,283 114.80 73.80 64.29 19.01
THR Three Rivers Financial Corp. 94,216 105.19 67.97 64.62 19.89
THRD TF Financial Corporation 625,338 58.98 41.84 70.94 15.73
TPNZ Tappan Zee Financial Inc. 124,603 57.25 46.56 81.33 0.00
TRIC Tri-County Bancorp Inc. 88,173 83.25 44.68 53.66 29.89
TSBS Peoples Bancorp Inc. (MHC) 638,942 81.30 62.77 77.21 4.70
TSH Teche Holding Co. 406,253 123.89 84.95 68.56 17.35
TWIN Twin City Bancorp 106,931 84.74 71.02 83.81 0.94
UBMT United Financial Corp. 105,600 46.46 32.59 70.13 5.63
UFRM United Federal Savings Bank 285,744 96.04 85.32 88.84 0.00
USAB USABancshares, Inc. 48,303 54.38 43.42 79.84 8.71
VABF Virginia Beach Fed. Financial 605,486 120.74 77.29 64.01 28.11
VFFC Virginia First Financial Corp. 858,403 129.60 90.62 69.92 21.22
WAMU Washington Mutual Inc. 95,607,369 134.09 71.94 53.65 38.46
WAYN Wayne Svgs Community Bank(MHC) 250,241 98.96 83.34 84.21 5.59
WBST Webster Financial Corp. 6,811,014 89.84 56.25 62.62 31.00
WCBI Westco Bancorp 309,070 93.21 76.83 82.43 0.00
WCFB Webster City Federal SB (MHC) 94,699 76.73 57.85 75.40 0.29
</TABLE>
<PAGE>
Page 7 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Corporate
----------------------------------------------------------------------------------
Deposit
Number Insurance
of Agency Conversion
Ticker Short Name Exchange City State Offices IPO Date (BIF/SAIF) Type
------ ---------- -------- ---- ----- ------- -------- ---------- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
WEFC Wells Financial Corp. NASDAQ Wells MN 8 04/11/95 SAIF Regular
WEHO Westwood Homestead Fin. Corp. NASDAQ Cincinnati OH 2 09/30/96 SAIF Regular
WES Westcorp NYSE Irvine CA 26 05/01/86 SAIF Not Avail.
WFI Winton Financial Corp. AMSE Cincinnati OH 5 08/04/88 SAIF Regular
WFSG Wilshire Financial Services NASDAQ Portland OR 2 12/19/96 SAIF Not Avail.
WFSL Washington Federal Inc. NASDAQ Seattle WA 104 11/17/82 SAIF Regular
WHGB WHG Bancshares Corp. NASDAQ Lutherville MD 5 04/01/96 SAIF Regular
WOFC Western Ohio Financial Corp. NASDAQ Springfield OH 10 07/29/94 SAIF Regular
WRNB Warren Bancorp Inc. NASDAQ Peabody MA 6 07/09/86 BIF Regular
WSB Washington Savings Bank, FSB AMSE Waldorf MD 5 NA SAIF Not Avail.
WSFS WSFS Financial Corp. NASDAQ Wilmington DE 16 11/26/86 BIF Regular
WSTR WesterFed Financial Corp. NASDAQ Missoula MT 36 01/10/94 SAIF Regular
WVFC WVS Financial Corp. NASDAQ Pittsburgh PA 5 11/29/93 SAIF Regular
WWFC Westwood Financial Corp. NASDAQ Westwood NJ 2 06/07/96 SAIF Not Avail.
WYNE Wayne Bancorp Inc. NASDAQ Wayne NJ 5 06/27/96 SAIF Regular
YFCB Yonkers Financial Corporation NASDAQ Yonkers NY 4 04/18/96 SAIF Regular
YFED York Financial Corp. NASDAQ York PA 22 02/01/84 SAIF Regular
Average
</TABLE>
<PAGE>
Page 7 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Key Financial Data as of The Most Recent Quarter
---------------------- -----------------------------------
Total Loans/ Loans/ Deposits/ Borrowings/
Assets Deposit s Assets Assets Assets
Ticker Short Name ($000) (%) (%) (%) (%)
------ ---------- ------ --- --- --- ---
<S> <C> <C> <C> <C> <C> <C>
WEFC Wells Financial Corp. 204,761 130.15 91.85 70.57 14.16
WEHO Westwood Homestead Fin. Corp. 142,878 129.96 78.26 60.22 11.74
WES Westcorp 3,757,362 100.05 51.60 51.57 23.40
WFI Winton Financial Corp. 324,532 117.08 86.70 74.05 17.69
WFSG Wilshire Financial Services 1,196,092 192.59 71.71 37.23 55.82
WFSL Washington Federal Inc. 5,719,589 145.09 73.70 50.80 34.57
WHGB WHG Bancshares Corp. 100,235 108.52 79.50 73.26 3.99
WOFC Western Ohio Financial Corp. 397,425 126.01 76.82 60.96 24.66
WRNB Warren Bancorp Inc. 364,130 74.24 64.44 86.80 1.05
WSB Washington Savings Bank, FSB 267,870 52.42 45.70 87.19 3.73
WSFS WSFS Financial Corp. 1,495,609 129.91 64.09 49.33 43.25
WSTR WesterFed Financial Corp. 999,203 104.72 66.09 63.11 23.81
WVFC WVS Financial Corp. 282,235 98.18 57.56 58.62 27.85
WWFC Westwood Financial Corp. 110,425 44.84 36.50 81.39 9.06
WYNE Wayne Bancorp Inc. 267,285 93.56 66.75 71.34 15.61
YFCB Yonkers Financial Corporation 312,956 67.43 44.80 66.44 19.20
YFED York Financial Corp. 1,155,725 102.06 87.20 85.44 4.01
-------------------------------------------------------------
Average 1,506,445 97.10 67.45 70.97 14.90
</TABLE>
<PAGE>
Page 8 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Corporate
---------------------- -----------------------------------------------------------
Deposit
Number Insurance
of Agency Conversion
Ticker Short Name Exchange City State Offices IPO Date (BIF/SAIF) Type
------ ---------- -------- ---- ----- ------- ------------------- ----
Comparable Thrift Data
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ALBC Albion Banc Corp. NASDAQ Albion NY 2 07/26/93 SAIF Regular
ATSB AmTrust Capital Corp. NASDAQ Peru IN 2 03/28/95 SAIF Regular
CSBF CSB Financial Group Inc. NASDAQ Centralia IL 2 10/09/95 SAIF Regular
FCB Falmouth Bancorp Inc. AMSE Falmouth MA 2 03/28/96 BIF Regular
FFBI First Financial Bancorp Inc. NASDAQ Belvidere IL 2 10/04/93 SAIF Regular
GLMR Gilmer Financial Svcs, Inc. NASDAQ Gilmer TX 1 02/09/95 SAIF Regular
HBBI Home Building Bancorp NASDAQ Washington IN 2 02/08/95 SAIF Regular
HHFC Harvest Home Financial Corp. NASDAQ Cheviot OH 3 10/10/94 SAIF Regular
SOBI Sobieski Bancorp Inc. NASDAQ South Bend IN 3 03/31/95 SAIF Regular
SZB SouthFirst Bancshares Inc. AMSE Sylacauga AL 2 02/14/95 SAIF Regular
----------------------------------------------------- ---------------------------
Average
Median
Maximum
Minimum
</TABLE>
<PAGE>
Page 8 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Key Financial Data as of The Most Recent Quarter
---------------------------------------------------------
Total Loans/ Loans/ Deposits/ Borrowings/
Assets Deposits Assets Assets Assets
Ticker Short Name ($000) (%) (%) (%) (%)
------ ---------- ------ --- --- --- ---
Comparable Thrift Data
<S> <C> <C> <C> <C> <C> <C>
ALBC Albion Banc Corp. 68,628 93.78 71.50 76.24 13.50
ATSB AmTrust Capital Corp. 69,685 102.96 71.52 69.47 18.78
CSBF CSB Financial Group Inc. 48,844 74.99 55.73 74.31 0.00
FCB Falmouth Bancorp Inc. 93,915 72.81 54.37 74.67 0.81
FFBI First Financial Bancorp Inc. 84,531 79.68 64.59 81.07 9.11
GLMR Gilmer Financial Svcs, Inc. 42,171 81.48 56.24 69.02 20.27
HBBI Home Building Bancorp 41,746 90.93 68.65 75.50 9.58
HHFC Harvest Home Financial Corp. 87,596 79.16 51.58 65.15 22.43
SOBI Sobieski Bancorp Inc. 84,279 110.72 76.81 69.37 15.44
SZB SouthFirst Bancshares Inc. 97,283 114.80 73.80 64.29 19.01
-------------------------------------------------------
Average 71,868 90.13 64.48 71.91 12.89
Median 76,982 86.21 66.62 71.89 14.47
Maximum 97,283 114.80 76.81 81.07 22.43
Minimum 41,746 72.81 51.58 64.29 0.00
</TABLE>
<PAGE>
Page 9 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Capital as of The Most Recent Quarter Asset Quality as of The Most Recent Quarter
------------------------------------------------- ----------------------------------------------
Tan- Total
gible Intan- Regula- Capital/ Re-
Equity/ gible tory Equity + Risk Re- Re- serves/
Equity/ Tang Assets/ Core Reserves/ Aquired NPLs/ serves/ NPAs/ NPAs/ serves/ NPAS
Assets Assets Equity Assets Assets Assets Loans NPLs Assets Equity Loans + 90
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
- ----------------------------- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
%CAL California Federal Bank, a FSB 7.38 5.23 30.65 5.63 8.67 11.72 1.60 120.38 1.31 17.82 1.93 98.69
%CCMD Chevy Chase Bank, FSB 5.60 5.02 10.86 6.48 7.19 13.21 0.73 378.42 2.11 37.76 2.78 74.92
AABC Access Anytime Bancorp Inc. 8.65 8.65 0.00 7.35 9.14 16.79 2.90 32.57 1.58 18.26 0.95 31.35
AADV Advantage Bancorp Inc. 9.54 NA NA NA 10.10 NA NA NA NA NA 1.02 117.04
ABBK Abington Bancorp Inc. 7.13 6.50 9.37 6.30 7.56 13.58 0.20 355.43 0.15 2.17 0.71 269.74
ABCL Alliance Bancorp Inc. 9.41 9.31 1.20 8.24 9.81 15.93 0.23 240.81 0.21 2.28 0.54 184.61
ABCW Anchor BanCorp Wisconsin 6.40 6.30 1.74 5.69 7.54 10.54 0.62 230.31 0.98 15.37 1.44 115.36
AFBC Advance Financial Bancorp 15.42 15.42 0.00 11.40 15.77 19.22 0.18 237.42 0.15 0.96 0.43 60.53
AFCB Affiliated Community Bancorp 9.76 9.71 0.54 9.87 10.50 18.92 0.54 218.71 0.34 3.48 1.18 218.65
AFED AFSALA Bancorp Inc. 13.47 13.47 0.00 13.48 14.15 32.75 0.95 150.77 0.45 3.32 1.43 150.77
AFFFZ America First Financial Fund 8.37 8.28 1.05 7.27 8.69 16.53 0.38 126.79 0.35 4.14 0.48 94.92
AHCI Ambanc Holding Co. 12.94 12.94 0.00 10.00 13.72 23.85 0.93 151.19 0.58 4.47 1.40 124.04
AHM Ahmanson & Company (H.F.) 5.10 4.51 12.00 NA 5.91 NA 2.19 55.92 1.86 36.38 1.22 43.81
ALBC Albion Banc Corp. 8.73 8.73 0.00 NA 9.12 NA 1.01 53.94 0.72 8.26 0.54 53.94
ALBK ALBANK Financial Corp. 9.24 8.23 11.91 6.40 9.95 11.70 0.88 111.13 0.73 7.85 0.97 75.89
AMFC AMB Financial Corp. 13.94 13.94 0.00 9.15 14.31 18.10 0.27 192.08 0.32 2.28 0.51 118.29
ANA Acadiana Bancshares Inc. 17.37 17.37 0.00 13.78 18.37 27.19 0.69 194.73 0.52 3.01 1.35 190.96
ANDB Andover Bancorp Inc. 8.12 8.12 0.00 8.30 9.10 14.80 1.13 118.00 0.91 11.24 1.33 107.23
ANE Alliance Bncorp of New England 7.36 7.20 2.38 7.2 8.61 13.3 2.71 73.68 1.92 26.08 2.00 62.8
ASBI Ameriana Bancorp 11.21 11.20 0.06 10.46 11.49 19.12 0.56 65.63 0.49 4.40 0.37 53.03
ASBP ASB Financial Corp. 15.57 15.57 0.00 12.33 16.30 27.81 1.31 81.19 0.90 5.77 1.07 75.72
ASFC Astoria Financial Corp. 7.71 6.60 15.40 5.82 7.90 15.62 0.64 67.43 0.40 5.18 0.43 39.39
ATSB AmTrust Capital Corp. 10.93 10.83 0.98 10.50 11.66 17.60 2.70 38.11 2.20 20.12 1.03 33.49
AVND Avondale Financial Corp. 7.72 7.72 0.00 7.55 8.68 13.18 1.76 93.35 1.11 14.33 1.65 86.78
BANC BankAtlantic Bancorp Inc. 5.50 4.60 17.13 6.65 6.50 11.31 0.82 173.48 0.90 16.39 1.42 108.06
BDJI First Federal Bancorporation 10.71 10.71 0.00 9.70 11.09 19.21 0.00 NA 0.24 2.20 0.79 120.28
BFD BostonFed Bancorp Inc. 8.52 8.25 3.41 NA 9.14 NA NA NA NA NA 0.76 NA
BFFC Big Foot Financial Corp. 17.48 17.48 0.00 12.26 17.62 33.92 0.00 NA 0.00 0.00 0.31 150.75
BFSB Bedford Bancshares Inc. 14.16 14.16 0.00 12.45 14.64 22.92 0.00 NA 0.00 0.00 0.56 79.85
BKC American Bank of Connecticut 8.81 8.52 3.64 7.85 9.67 14.65 2.73 54.15 1.77 20.09 1.48 48.58
BKCT Bancorp Connecticut Inc. 10.75 10.75 0.00 10.41 11.99 17.32 1.25 160.30 0.95 8.82 2.00 118.74
BKUNA BankUnited Financial Corp. 5.61 4.94 12.63 8.08 5.78 14.04 0.65 32.20 0.66 11.75 0.21 26.19
BNKU Bank United Corp. 5.00 4.89 2.27 7.77 5.33 13.18 0.60 72.61 0.62 12.33 0.43 53.09
BPLS Bank Plus Corp. 4.52 4.51 0.18 5.76 NA 11.63 NA NA 2.21 48.94 NA NA
BSBC Branford Savings Bank 9.63 9.63 0.00 9.64 11.68 17.97 2.26 136.75 1.56 16.15 3.09 131.46
BTHL Bethel Bancorp 8.48 7.36 14.28 7.38 9.63 13.39 NA NA NA NA 1.48 NA
BVCC Bay View Capital Corp. 5.82 4.91 16.48 NA 7.06 NA 0.48 335.73 0.63 10.86 1.62 NA
BWFC Bank West Financial Corp. 14.15 14.15 0.00 11.70 14.30 21.90 0.28 74.16 0.21 1.5 0.21 69.91
BYFC Broadway Financial Corp. 10.75 10.75 0.00 8.69 11.57 15.22 1.05 96.54 2.06 19.20 1.01 39.74
CAFI Camco Financial Corp. 9.57 8.89 7.74 9.21 9.83 16.91 0.38 83.57 0.34 3.56 0.32 54.74
CAPS Capital Savings Bancorp Inc. 9.27 9.27 0.00 8.21 9.58 17.03 0.20 197.92 0.18 1.90 0.39 83.55
CASB Cascade Financial Corp. 6.64 6.64 0.00 6.62 7.58 11.85 0.19 597.76 0.28 4.25 1.12 332.14
CASH First Midwest Financial Inc. 10.75 9.66 11.19 8.19 11.33 14.06 1.12 82.75 0.75 6.97 0.93 78.49
CATB Catskill Financial Corp. 24.78 24.78 0.00 20.63 25.44 61.28 0.73 206.00 0.40 1.62 1.50 162.15
CBCI Calumet Bancorp Inc. 16.22 16.22 0.00 9.91 17.44 16.24 0.92 168.50 1.27 7.81 1.55 96.64
CBES CBES Bancorp Inc. 16.92 16.92 0.00 12.09 17.40 15.10 0.37 141.16 0.59 3.49 0.53 81.11
CBK Citizens First Financial Corp. 13.75 13.75 0.00 10.49 13.99 18.28 0.29 97.19 0.46 3.36 0.28 38.86
CBSA Coastal Bancorp Inc. 3.47 2.93 15.93 5.38 3.71 11.88 1.05 51.73 0.59 16.90 0.54 NA
CBSB Charter Financial Inc. 14.47 13.02 11.52 11.65 15.06 21.47 0.58 135.95 0.56 3.89 0.79 104.84
CCFH CCF Holding Company 11.69 11.69 0.00 10.27 12.28 17.40 0.22 325.68 0.18 1.55 0.72 325.68
CEBK Central Co-operative Bank 9.93 8.98 10.53 NA 10.75 NA 1.24 97.49 0.85 8.52 1.21 97.49
CENB Century Bancorp Inc. 30.29 30.29 0.00 NA 30.84 NA 0.32 269.42 0.25 0.83 0.85 219.37
CENF CENFED Financial Corp. 5.56 5.55 0.16 5.69 6.30 11.43 0.90 118.49 0.97 17.36 1.07 76.38
CFB Commercial Federal Corp. 6.16 5.55 10.50 6.59 6.83 13.92 0.91 99.22 0.88 14.29 0.90 75.53
CFBC Community First Banking Co. 17.80 NA NA 12.00 18.36 17.50 0.74 101.37 2.08 11.66 0.75 27.12
CFCP Coastal Financial Corp. 6.56 6.56 0.00 6.31 7.55 11.05 0.06 NA 0.10 1.57 1.18 966.86
CFFC Community Financial Corp. 13.21 13.21 0.00 11.34 13.80 17.23 0.51 129.84 0.56 4.22 0.67 105.58
CFNC Carolina Fincorp Inc. 22.59 22.59 0.00 NA 22.94 NA 0.15 345.76 0.10 0.46 0.50 345.76
CFSB CFSB Bancorp Inc. 7.71 7.71 0.00 7.46 8.25 13.46 0.18 335.26 0.19 2.41 0.61 283.10
CFTP Community Federal Bancorp 26.72 26.72 0.00 24.09 26.99 57.37 0.75 61.14 0.50 1.88 0.46 54.53
CFX CFX Corp. 8.71 8.42 3.60 NA 9.47 NA NA NA NA NA 1.10 179.69
CIBI Community Investors Bancorp 11.75 11.75 0.00 11.20 12.25 21.3 0.57 103.28 0.53 4.48 0.59 94.97
CKFB CKF Bancorp Inc. 23.67 23.67 0.00 20.15 23.87 34.56 0.76 28.47 0.70 2.95 0.22 16.62
CLAS Classic Bancshares Inc. 14.87 12.87 15.44 11.70 15.49 24.00 0.56 165.98 0.66 4.41 0.93 65.45
</TABLE>
<PAGE>
Page 9 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Profitability
as of The Most
Recent Quarter
- -----------------
Return Return
on Avg on Avg
Assets Equity
Ticker Short Name (%) (%)
- ----------------------------- ------- ---------
<S> <C> <C> <C>
%CAL California Federal Bank, a FSB 0.82 11.17
%CCMD Chevy Chase Bank, FSB 0.18 3.30
AABC Access Anytime Bancorp Inc. 5.02 62.33
AADV Advantage Bancorp Inc. 1.13 12.09
ABBK Abington Bancorp Inc. 0.89 12.82
ABCL Alliance Bancorp Inc. 0.95 10.57
ABCW Anchor BanCorp Wisconsin 1.03 15.92
AFBC Advance Financial Bancorp 1.01 6.57
AFCB Affiliated Community Bancorp 1.07 10.92
AFED AFSALA Bancorp Inc. 0.79 5.83
AFFFZ America First Financial Fund 0.95 11.24
AHCI Ambanc Holding Co. 0.47 3.71
AHM Ahmanson & Company (H.F.) 0.81 15.85
ALBC Albion Banc Corp. 0.30 3.36
ALBK ALBANK Financial Corp. 1.03 11.14
AMFC AMB Financial Corp. 1.17 8.14
ANA Acadiana Bancshares Inc. 0.94 5.43
ANDB Andover Bancorp Inc. 1.06 13.31
ANE Alliance Bncorp of New England 0.88 12.18
ASBI Ameriana Bancorp 1.01 9.07
ASBP ASB Financial Corp. 0.87 5.59
ASFC Astoria Financial Corp. 0.87 11.18
ATSB AmTrust Capital Corp. 0.34 3.24
AVND Avondale Financial Corp. (6.08) (65.30)
BANC BankAtlantic Bancorp Inc. 0.93 16.78
BDJI First Federal Bancorporation 0.71 6.50
BFD BostonFed Bancorp Inc. 0.71 7.91
BFFC Big Foot Financial Corp. 0.43 2.47
BFSB Bedford Bancshares Inc. 1.22 8.52
BKC American Bank of Connecticut 1.34 15.88
BKCT Bancorp Connecticut Inc. 1.42 13.67
BKUNA BankUnited Financial Corp. 0.48 8.02
BNKU Bank United Corp. 0.69 13.47
BPLS Bank Plus Corp. 0.37 7.65
BSBC Branford Savings Bank 0.92 9.65
BTHL Bethel Bancorp 0.56 6.48
BVCC Bay View Capital Corp. 0.39 6.28
BWFC Bank West Financial Corp. 1.48 10.31
BYFC Broadway Financial Corp. 0.48 4.33
CAFI Camco Financial Corp. 1.21 12.55
CAPS Capital Savings Bancorp Inc. 0.99 11.00
CASB Cascade Financial Corp. 0.65 9.35
CASH First Midwest Financial Inc. 0.95 8.60
CATB Catskill Financial Corp. 1.34 5.35
CBCI Calumet Bancorp Inc. 1.36 8.66
CBES CBES Bancorp Inc. 1.17 6.81
CBK Citizens First Financial Corp. 0.52 3.76
CBSA Coastal Bancorp Inc. 0.37 10.87
CBSB Charter Financial Inc. 1.93 13.68
CCFH CCF Holding Company 0.07 0.63
CEBK Central Co-operative Bank 0.73 7.16
CENB Century Bancorp Inc. 1.57 5.20
CENF CENFED Financial Corp. 0.74 14.21
CFB Commercial Federal Corp. 0.96 15.83
CFBC Community First Banking Co. 0.87 5.25
CFCP Coastal Financial Corp. 1.30 20.45
CFFC Community Financial Corp. 0.73 5.45
CFNC Carolina Fincorp Inc. 1.26 5.55
CFSB CFSB Bancorp Inc. 1.32 17.07
CFTP Community Federal Bancorp 1.16 4.28
CFX CFX Corp. (0.02) (0.27)
CIBI Community Investors Bancorp 1.01 8.53
CKFB CKF Bancorp Inc. 1.49 6.26
CLAS Classic Bancshares Inc. 0.72 4.89
</TABLE>
<PAGE>
Page 10 of 32
<TABLE>
<CAPTION>
Capital as of The Most Recent Quarter Asset Quality as of The Most Recent Quarter
------------------------------------------------- ----------------------------------------------
Tan- Total
gible Intan- Regula- Capital/ Re-
Equity/ gible tory Equity + Risk Re- Re- serves/
Equity/ Tang Assets/ Core Reserves/ Aquired NPLs/ serves/ NPAs/ NPAs/ serves/ NPAS
Assets Assets Equity Assets Assets Assets Loans NPLs Assets Equity Loans + 90
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
- ----------------------------- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CMRN Cameron Financial Corp 21.69 21.69 0.00 17.11 22.51 25.59 0.28 347.55 0.24 1.09 0.97 111.82
CMSB Commonwealth Bancorp Inc. 9.28 7.39 22.06 6.30 9.68 13.00 0.77 92.49 0.47 5.06 0.71 85.46
CMSV Community Savings Bnkshrs(MHC) 11.34 11.34 0.00 11.40 11.71 23.10 0.55 113.79 0.41 3.61 0.62 90.57
CNIT CENIT Bancorp Inc. 6.95 6.40 8.41 NA 7.49 NA 0.28 273.59 0.45 6.49 0.77 103.38
CNSB CNS Bancorp Inc. 24.33 24.33 0.00 19.92 24.73 40.19 0.72 80.20 0.50 2.07 0.58 80.20
CNY Carver Bancorp Inc. 8.40 8.10 3.86 NA NA NA NA NA NA NA NA NA
COFI Charter One Financial 7.05 6.52 8.16 5.64 7.49 10.78 0.25 275.27 0.20 2.83 0.68 159.82
CONE Conestoga Bancorp, Inc. 16.18 16.18 0.00 12.17 16.22 27.71 0.23 80.00 0.16 0.99 0.18 26.87
COOP Cooperative Bankshares Inc. 7.69 7.69 0.00 7.70 7.92 14.60 0.00 NA 0.10 1.24 0.29 109.36
CRZY Crazy Woman Creek Bancorp 25.82 25.82 0.00 19.64 26.35 48.12 0.76 136.15 0.39 1.52 1.04 136.15
CSA Coast Savings Financial 5.20 5.14 1.16 5.58 6.13 11.37 1.05 129.78 1.23 23.75 1.37 75.26
CSBF CSB Financial Group Inc. 25.04 23.99 5.53 25.34 25.36 54.92 1.00 57.14 0.56 2.23 0.57 57.14
CTZN CitFed Bancorp Inc. 6.27 5.73 9.13 5.78 6.82 12.77 0.41 210.75 0.40 6.43 0.86 136.26
CVAL Chester Valley Bancorp Inc. 8.66 8.66 0.00 8.59 9.58 14.77 0.65 173.12 0.53 6.16 1.12 173.12
DCBI Delphos Citizens Bancorp Inc. 26.64 26.64 0.00 13.89 26.74 28.64 0.58 21.81 0.45 1.69 0.13 21.81
DIBK Dime Financial Corp. 8.14 7.93 2.87 8.14 9.46 21.22 0.75 429.54 0.36 4.46 3.21 353.73
DIME Dime Community Bancorp Inc. 13.49 11.85 13.82 9.62 14.30 19.44 0.9 155.47 0.6 4.42 1.39 135.05
DME Dime Bancorp Inc. 5.42 5.18 4.78 6.03 5.95 12.10 1.43 56.53 1.02 18.78 0.81 51.61
DNFC D & N Financial Corp. 5.25 5.20 1.00 6.42 5.87 11.63 0.33 247.89 0.35 6.61 0.83 178.16
DSL Downey Financial Corp. 7.13 7.05 1.31 6.40 7.66 12.30 0.79 73.34 0.95 13.34 0.58 55.50
EBSI Eagle Bancshares 8.30 8.30 0.00 6.41 8.98 10.30 1.12 84.96 1.07 12.84 0.95 63.66
EFBC Empire Federal Bancorp Inc. 37.36 37.36 0.00 23.94 37.55 66.91 0.00 NA 0.00 0.00 0.46 312.50
EFBI Enterprise Federal Bancorp 11.58 11.57 0.06 NA 11.78 NA NA NA NA NA 0.28 NA
EGFC Eagle Financial Corp. 6.90 5.57 20.44 7.58 7.37 17.84 0.65 132.05 0.53 7.70 0.86 87.59
EGLB Eagle BancGroup Inc. 11.85 11.85 0.00 9.89 12.38 17.31 1.52 47.89 1.48 12.51 0.73 35.66
EIRE Emerald Isle Bancorp Inc. 6.99 6.99 0.00 6.99 7.67 10.75 0.23 416.26 0.17 2.36 0.97 416.26
EMLD Emerald Financial Corp. 7.80 7.70 1.47 7.52 8.08 12.65 0.22 164.42 0.17 2.18 0.36 115.15
EQSB Equitable Federal Savings Bank 5.04 5.04 0.00 5.04 5.22 11.24 0.01 NA 0.15 2.99 0.26 36.72
ESBK Elmira Savings Bank (The) 6.35 6.20 2.62 6.19 7.01 10.23 0.64 133.3 0.63 9.89 0.86 103.23
ESX Essex Bancorp Inc. 8.16 8.07 1.23 8.13 9.28 14.48 1.61 83.19 2.42 29.70 1.34 42.63
ETFS East Texas Financial Services 18.16 18.16 0.00 16.30 18.41 41.10 0.30 169.14 0.17 0.94 0.50 141.97
FAB FirstFed America Bancorp Inc. 12.20 12.20 0.00 10.23 13.21 19.58 0.37 312.47 0.39 3.18 1.16 259.57
FBBC First Bell Bancorp Inc. 10.53 10.53 0.00 10.23 10.64 22.98 0.10 132.41 0.09 0.86 0.13 116.26
FBCI Fidelity Bancorp Inc. 10.48 10.46 0.21 NA 10.57 NA 0.47 25.44 0.41 3.88 0.12 22.74
FBCV 1ST Bancorp 8.65 8.50 1.90 8.76 9.10 15.96 1.40 46.55 1.12 12.98 0.65 34.59
FBER 1st Bergen Bancorp 13.65 13.65 0.00 10.60 14.73 29.30 1.77 139.83 0.84 6.18 2.47 127.66
FBHC Fort Bend Holding Corp. 6.16 5.77 6.62 6.70 6.67 14.80 1.18 91.73 0.56 9.15 1.08 89.94
FBNW FirstBank Corp. 7.32 7.32 0.00 7.31 7.96 13.39 2.22 35.35 2.07 28.23 0.78 31.12
FBSI First Bancshares Inc. 13.92 13.92 0.00 11.21 14.23 16.98 0.04 875.44 0.13 0.94 0.36 45.57
FCB Falmouth Bancorp Inc. 23.86 23.86 0.00 24.16 24.39 44.13 0.12 806.45 0.07 0.28 0.98 806.45
FCBF FCB Financial Corp. 13.89 13.89 0.00 11.78 14.55 20.43 0.27 319.33 0.24 1.71 0.85 277.72
FCME First Coastal Corp. 9.75 9.75 0.00 9.02 11.53 15.95 2.06 121.23 1.59 16.33 2.49 108.25
FDEF First Defiance Financial 19.66 19.66 0.00 13.7 20.10 21.80 0.51 115.07 0.45 2.29 0.59 99.07
FED FirstFed Financial Corp. 5.16 5.11 0.98 6.16 7.18 12.06 1.22 211.08 1.20 23.17 2.57 168.73
FESX First Essex Bancorp Inc. 7.40 6.54 12.52 6.42 8.26 11.76 0.81 175.40 0.58 7.78 1.43 149.29
FFBA First Colorado Bancorp Inc. 13.08 12.93 1.30 11.97 13.37 22.67 0.16 237.9 0.20 1.56 0.39 141.52
FFBH First Federal Bancshares of AR 14.89 14.89 0.00 11.81 15.11 22.48 1.18 24.28 0.96 6.42 0.29 23.38
FFBI First Financial Bancorp Inc. 8.65 8.65 0.00 8.17 9.24 15.52 0.64 143.23 0.41 4.74 0.91 142.00
FFBS FFBS BanCorp Inc. 16.71 16.71 0.00 14.04 17.13 26.11 0.04 NA 0.03 0.17 0.59 72.88
FFBZ First Federal Bancorp Inc. 7.55 7.54 0.11 6.74 8.41 11.44 0.55 182.67 0.47 6.27 1.01 163.59
FFCH First Financial Holdings Inc. 6.12 6.12 0.00 6.47 6.80 10.66 0.94 86.85 1.46 23.90 0.82 45.68
FFDB FirstFed Bancorp Inc. 9.63 8.89 8.49 9.69 10.08 17.08 0.64 98.49 0.98 10.16 0.63 33.87
FFDF FFD Financial Corp. 24.34 24.34 0.00 NA 24.65 NA NA NA NA NA 0.46 NA
FFED Fidelity Federal Bancorp 6.11 6.11 0.00 7.36 6.92 11.80 0.07 NA 0.09 1.53 0.96 626.40
FFES First Federal of East Hartford 6.63 6.63 0.00 6.75 6.90 22.45 1.31 109.43 0.25 3.78 1.44 87.85
FFFC FFVA Financial Corp. 13.31 13.08 2.01 10.35 13.88 20.94 0.26 373.99 0.16 1.19 0.99 361.92
FFFD North Central Bancshares Inc. 22.92 22.92 0.00 17.43 23.91 32.67 0.13 870.90 0.22 0.97 1.16 446.43
FFFL Fidelity Bankshares Inc. (MHC) 8.37 8.32 0.72 8.10 8.58 16.30 0.38 75.03 0.34 4.01 0.29 62.82
FFHH FSF Financial Corp. 11.17 11.17 0.00 NA 11.39 NA 0.19 170.40 0.15 1.32 0.33 148.95
FFHS First Franklin Corp. 9.02 8.97 0.56 6.56 9.44 14.12 0.5 127.79 0.33 3.69 0.64 90.77
FFIC Flushing Financial Corp. 14.21 13.71 4.00 10.17 14.88 21.05 NA NA NA NA 1.12 172.71
FFKY First Federal Financial Corp. 13.70 13.03 5.65 12.51 14.16 20.21 0.00 NA 0.08 0.57 0.53 94.29
FFLC FFLC Bancorp Inc. 13.73 13.73 0.00 11.30 14.14 22.60 0.15 352.85 0.18 1.30 0.52 226.46
FFOH Fidelity Financial of Ohio 13.03 11.72 11.32 10.07 13.34 18.74 0.35 106.32 0.29 2.23 0.37 106.32
</TABLE>
<PAGE>
Page 10 of 32
<TABLE>
<CAPTION>
Profitability
as of The Most
Recent Quarter
-----------------
Return Return
on Avg on Avg
Assets Equity
Ticker Short Name (%) (%)
- ----------------------------- ------- ---------
<S> <C> <C> <C>
CMRN Cameron Financial Corp 1.26 5.63
CMSB Commonwealth Bancorp Inc. 0.70 7.35
CMSV Community Savings Bnkshrs(MHC) 0.88 7.78
CNIT CENIT Bancorp Inc. 0.98 13.65
CNSB CNS Bancorp Inc. 0.78 3.19
CNY Carver Bancorp Inc. 0.32 3.79
COFI Charter One Financial 1.30 18.97
CONE Conestoga Bancorp, Inc. 0.60 3.72
COOP Cooperative Bankshares Inc. 0.59 7.70
CRZY Crazy Woman Creek Bancorp 1.31 4.92
CSA Coast Savings Financial 0.89 17.63
CSBF CSB Financial Group Inc. 0.43 1.71
CTZN CitFed Bancorp Inc. 0.88 13.85
CVAL Chester Valley Bancorp Inc. 1.06 12.41
DCBI Delphos Citizens Bancorp Inc. 1.74 6.32
DIBK Dime Financial Corp. 1.97 24.63
DIME Dime Community Bancorp Inc. 0.84 6.07
DME Dime Bancorp Inc. 0.78 15.14
DNFC D & N Financial Corp. 0.90 16.49
DSL Downey Financial Corp. 0.72 10.23
EBSI Eagle Bancshares 0.77 8.97
EFBC Empire Federal Bancorp Inc. 1.54 4.14
EFBI Enterprise Federal Bancorp 0.79 6.69
EGFC Eagle Financial Corp. 0.84 12.19
EGLB Eagle BancGroup Inc. 0.24 2.04
EIRE Emerald Isle Bancorp Inc. 0.85 12.09
EMLD Emerald Financial Corp. 1.04 13.69
EQSB Equitable Federal Savings Bank 0.70 13.94
ESBK Elmira Savings Bank (The) 0.58 9.14
ESX Essex Bancorp Inc. 0.84 10.18
ETFS East Texas Financial Services 0.68 3.66
FAB FirstFed America Bancorp Inc. 0.69 5.69
FBBC First Bell Bancorp Inc. 1.04 10.35
FBCI Fidelity Bancorp Inc. 0.88 8.40
FBCV 1ST Bancorp 0.68 8.11
FBER 1st Bergen Bancorp 0.69 4.94
FBHC Fort Bend Holding Corp. 0.63 10.35
FBNW FirstBank Corp. 0.62 8.08
FBSI First Bancshares Inc. 1.27 9.48
FCB Falmouth Bancorp Inc. 0.75 3.09
FCBF FCB Financial Corp. 1.29 9.06
FCME First Coastal Corp. 0.89 9.36
FDEF First Defiance Financial 0.97 4.80
FED FirstFed Financial Corp. 0.58 11.53
FESX First Essex Bancorp Inc. 0.86 12.02
FFBA First Colorado Bancorp Inc. 1.37 10.55
FFBH First Federal Bancshares of AR 0.97 6.49
FFBI First Financial Bancorp Inc. (0.86) (10.59)
FFBS FFBS BanCorp Inc. 1.36 7.57
FFBZ First Federal Bancorp Inc. 1.23 16.30
FFCH First Financial Holdings Inc. 0.85 13.96
FFDB FirstFed Bancorp Inc. 0.95 9.99
FFDF FFD Financial Corp. 1.02 4.17
FFED Fidelity Federal Bancorp 0.85 14.75
FFES First Federal of East Hartford 0.54 8.22
FFFC FFVA Financial Corp. 1.48 11.20
FFFD North Central Bancshares Inc. 1.82 7.96
FFFL Fidelity Bankshares Inc. (MHC) 0.61 7.07
FFHH FSF Financial Corp. 0.89 7.92
FFHS First Franklin Corp. 0.71 7.91
FFIC Flushing Financial Corp. 0.97 6.53
FFKY First Federal Financial Corp. 1.69 12.33
FFLC FFLC Bancorp Inc. 0.96 7.06
FFOH Fidelity Financial of Ohio 0.92 7.10
</TABLE>
<PAGE>
Page 11 of 32
<TABLE>
<CAPTION>
Capital as of The Most Recent Quarter Asset Quality as of The Most Recent Quarter
------------------------------------------------- ----------------------------------------------
Tan- Total
gible Intan- Regula- Capital/ Re-
Equity/ gible tory Equity + Risk Re- Re- serves/
Equity/ Tang Assets/ Core Reserves/ Aquired NPLs/ serves/ NPAs/ NPAs/ serves/ NPAS
Assets Assets Equity Assets Assets Assets Loans NPLs Assets Equity Loans + 90
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
- ----------------------------- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FFPB First Palm Beach Bancorp Inc. 6.25 6.11 2.33 7.07 6.58 14.76 0.68 76.91 0.56 8.96 0.53 58.39
FFSL First Independence Corp. 10.25 10.25 0.00 8.42 10.84 19.53 1.46 60.78 0.99 9.64 0.89 47.61
FFSX First Fed SB of Siouxland(MHC) 8.73 8.67 0.80 8.62 9.13 17.10 0.20 260.79 0.16 1.85 0.53 185.09
FFWC FFW Corp. 9.70 8.89 9.23 6.81 10.10 12.72 0.24 250.34 0.18 1.90 0.60 217.37
FFWD Wood Bancorp Inc. 12.44 12.44 0.00 9.01 12.79 15.28 0.02 NA 0.03 0.26 0.44 101.19
FFYF FFY Financial Corp. 13.69 13.69 0.00 9.67 14.17 17.27 0.87 72.24 0.66 4.84 0.63 72.24
FGHC First Georgia Holding Inc. 8.22 7.59 8.23 8.21 8.85 10.29 1.48 50.53 1.41 17.21 0.75 20.52
FIBC Financial Bancorp Inc. 9.04 9.00 0.47 7.22 9.52 18.75 1.40 64.93 1.59 17.62 0.91 27.02
FISB First Indiana Corporation 9.64 9.54 1.19 8.63 11.08 12.46 1.34 127.05 1.39 14.43 1.70 103.20
FKFS First Keystone Financial 6.63 6.63 0.00 8.12 7.06 19.91 1.27 66.15 1.11 16.70 0.84 39.39
FKKY Frankfort First Bancorp Inc. 16.83 16.83 0.00 18.38 16.90 35.95 0.00 NA 0.00 0.00 0.08 80.00
FLAG FLAG Financial Corp. 9.58 9.58 0.00 9.07 11.62 14.30 5.79 50.24 4.27 44.56 2.91 47.62
FLFC First Liberty Financial Corp. 7.37 6.69 9.87 6.50 8.26 11.48 0.75 172.78 0.81 10.97 1.29 110.00
FLGS Flagstar Bancorp Inc. 5.98 5.75 3.98 5.71 6.22 10.83 2.44 11.23 3.04 50.79 0.27 8.02
FLKY First Lancaster Bancshares 29.47 29.47 0.00 26.90 29.79 43.10 2.52 13.93 2.28 7.74 0.35 13.93
FMBD First Mutual Bancorp Inc. 13.40 10.55 23.78 18.97 13.76 19.64 0.07 715.69 0.06 0.44 0.47 138.78
FMCO FMS Financial Corp. 6.56 6.45 1.75 7.51 7.07 16.23 1.35 68.30 1.06 16.19 0.92 48.50
FMSB First Mutual Savings Bank 6.79 6.79 0.00 NA 7.82 NA NA NA NA NA 1.31 NA
FNGB First Northern Capital Corp. 11.09 11.09 0.00 10.24 11.56 16.77 0.09 600.39 0.08 0.74 0.53 574.86
FOBC Fed One Bancorp 11.18 10.73 4.43 9.94 11.59 24.28 0.37 236.45 0.19 1.70 0.88 91.97
FPRY First Financial Bancorp 6.35 6.35 0.00 6.20 7.00 10.80 NA NA NA NA 0.84 NA
FSBI Fidelity Bancorp Inc. 6.75 6.75 0.00 9.17 7.25 18.91 0.55 183.49 0.30 4.49 1.01 115.46
FSFC First Southeast Financial Corp 10.28 10.28 0 9.80 10.68 20.31 0.3 165.95 0.24 2.34 0.50 164.77
FSFF First SecurityFed Financial 11.34 11.22 1.20 11.20 11.93 23.90 0.78 118.66 0.51 4.51 0.92 40.86
FSLA First Savings Bank (MHC) 9.50 8.71 9.09 8.68 10.07 22.38 0.67 154.73 0.50 5.31 1.04 105.63
FSNJ Bayonne Bancshares Inc. 8.42 8.42 0.00 8.85 8.95 26.48 1.94 69.95 0.85 10.07 1.36 43.59
FSPG First Home Bancorp Inc. 6.86 6.77 1.51 6.57 7.60 17.05 1.11 122.39 0.77 11.17 1.36 95.63
FSPT FirstSpartan Financial Corp. 26.79 26.79 0.00 17.70 27.18 31.50 0.39 123.16 0.32 1.20 0.49 56.19
FSSB First FS&LA of San Bernardino 4.33 4.18 3.63 4.29 5.38 8.52 1.43 102.26 2.31 53.29 1.47 45.41
FSTC First Citizens Corp. 9.73 7.73 22.25 7.98 10.86 11.82 1.3 112.66 1.1 11.28 1.47 102.2
FTF Texarkana First Financial Corp 15.70 15.70 0.00 15.69 16.37 26.24 0.00 NA 0.12 0.77 0.79 145.12
FTFC First Federal Capital Corp. 6.73 6.37 5.76 NA 7.24 NA 0.16 395.30 NA NA 0.64 403.99
FTNB Fulton Bancorp Inc. 25.12 25.12 0.00 16.85 26.03 28.86 0.51 203.32 0.65 2.57 1.03 112.62
FTSB Fort Thomas Financial Corp. 16.13 16.13 0.00 15.08 16.62 24.30 2.09 25.43 1.91 11.86 0.53 24.60
FWWB First SB of Washington Bancorp 13.68 12.77 7.62 12.61 14.33 23.31 0.16 613.23 0.25 1.85 0.97 241.66
GAF GA Financial Inc. 14.63 14.51 0.97 12.07 14.78 33.50 0.64 63.36 0.24 1.66 0.41 63.36
GBCI Glacier Bancorp Inc. 9.99 9.77 2.45 9.59 10.60 16.93 0.14 584.06 0.12 1.25 0.84 243.94
GDVS Greater Delaware Valley (MHC) 11.64 11.64 0.00 11.73 12.25 27.04 0.29 351.50 1.55 13.29 1.00 33.64
GDW Golden West Financial 6.56 6.56 0.00 6.34 7.13 13.83 1.20 56.00 1.18 17.98 0.67 47.94
GFCO Glenway Financial Corp. 9.46 9.36 1.20 NA 9.78 NA 0.28 131.05 0.25 2.69 0.37 123.32
GFED Guaranty Federal SB (MHC) 13.78 13.78 0.00 13.00 14.87 23.32 0.78 173.19 0.74 5.34 1.36 148.40
GFSB GFS Bancorp Inc. 11.51 11.51 0.00 9.92 12.18 18.51 0.89 87.87 0.98 8.54 0.78 67.81
GLMR Gilmer Financial Svcs, Inc. 9.02 9.02 0.00 8.80 9.75 19.20 2.51 51.93 1.65 18.25 1.30 44.52
GOSB GSB Financial Corp. 8.11 8.11 0.00 NA NA NA NA NA NA NA NA NA
GPT GreenPoint Financial Corp. 9.69 5.44 46.40 6.95 10.51 15.76 4.08 30.73 2.88 29.68 1.26 28.68
GSB Golden State Bancorp Inc. 6.35 5.79 9.34 5.71 7.32 11.41 1.33 97.20 1.36 21.42 1.30 70.96
GSBC Great Southern Bancorp Inc. 8.65 8.65 0.00 7.65 10.85 11.41 1.64 157.04 1.91 22.05 2.58 115.21
GSFC Green Street Financial Corp. 35.37 35.37 0.00 35.37 35.51 83.14 0.13 147.40 0.10 0.27 0.20 147.40
GSLA GS Financial Corp. 43.13 43.13 0.00 32.60 43.42 95.20 0.35 229.41 0.14 0.33 0.81 211.96
GTFN Great Financial Corp. 10.07 9.70 4.01 8.59 10.58 18.81 0.47 157.96 0.38 3.76 0.74 16.32
GTPS Great American Bancorp 20.43 20.43 0.00 13.78 20.76 23.54 0.02 NA 0.01 0.07 0.42 126.83
GUPB GFSB Bancorp Inc. 14.87 14.87 0.00 12.51 15.23 27.25 0.26 247.45 0.15 0.98 0.65 247.45
GWBC Gateway Bancorp Inc. 27.04 27.04 0.00 24.70 27.17 80.20 2.09 18.37 0.76 2.81 0.38 14.14
HALL Hallmark Capital Corp. 7.30 7.30 0.00 6.59 7.75 12.64 0.09 741.02 0.12 1.65 0.67 355.91
HARB Harbor Florida Bancorp (MHC) 8.56 8.31 3.15 7.29 9.59 15.15 0.30 453.14 0.43 5.06 1.38 238.88
HARL Harleysville Savings Bank 6.62 6.62 0.00 6.64 7.18 14.01 0.00 NA 0.00 0.00 0.78 NA
HARS Harris Financial Inc. (MHC) 8.20 7.32 11.56 6.95 8.61 14.34 0.66 145.38 0.64 7.82 0.96 60.65
HAVN Haven Bancorp Inc. 6.00 5.98 0.32 6.67 6.65 14.46 1.18 95.03 0.76 12.67 1.12 85.85
HBBI Home Building Bancorp 14.12 14.12 0.00 10.69 14.31 21.42 0.64 44.51 0.44 3.09 0.28 44.51
HBEI Home Bancorp of Elgin Inc. 27.56 27.56 0.00 21.10 27.86 38.39 0.32 110.11 0.35 1.28 0.35 85.96
HBFW Home Bancorp 13.29 13.29 0.00 10.18 13.70 22.30 0.00 NA 0.00 0.00 0.51 835.54
HBNK Highland Federal Bank FSB 7.67 7.67 0.00 7.69 9.28 11.77 2.54 78.84 2.52 32.89 2.00 63.92
HBS Haywood Bancshares Inc. 14.18 13.77 3.42 NA 14.66 NA 0.71 90.28 0.67 4.76 0.64 71.19
HCBB HCB Bancshares Inc. 18.84 18.26 3.75 13.16 19.58 30.07 0.41 359.52 0.24 1.27 1.49 173.49
</TABLE>
<PAGE>
Page 11 of 32
<TABLE>
<CAPTION>
Profitability
as of The Most
Recent Quarter
-----------------
Return Return
on Avg on Avg
Assets Equity
Ticker Short Name (%) (%)
- ----------------------------- ------- ---------
<S> <C> <C> <C>
FFPB First Palm Beach Bancorp Inc. 0.56 8.76
FFSL First Independence Corp. 0.72 7.02
FFSX First Fed SB of Siouxland(MHC) 0.73 8.51
FFWC FFW Corp. 1.04 10.77
FFWD Wood Bancorp Inc. 1.48 11.98
FFYF FFY Financial Corp. 1.25 9.24
FGHC First Georgia Holding Inc. 1.00 11.97
FIBC Financial Bancorp Inc. 0.94 10.07
FISB First Indiana Corporation 1.25 12.75
FKFS First Keystone Financial 0.83 11.60
FKKY Frankfort First Bancorp Inc. 1.13 6.72
FLAG FLAG Financial Corp. 0.92 9.95
FLFC First Liberty Financial Corp. 1.11 14.89
FLGS Flagstar Bancorp Inc. 1.41 21.01
FLKY First Lancaster Bancshares 0.99 3.17
FMBD First Mutual Bancorp Inc. 0.27 2.01
FMCO FMS Financial Corp. 1.05 16.37
FMSB First Mutual Savings Bank 1.06 15.53
FNGB First Northern Capital Corp. 0.98 8.77
FOBC Fed One Bancorp 0.90 8.14
FPRY First Financial Bancorp 0.43 6.80
FSBI Fidelity Bancorp Inc. 0.76 11.08
FSFC First Southeast Financial Corp 1.06 10.50
FSFF First SecurityFed Financial NA NA
FSLA First Savings Bank (MHC) 0.69 7.31
FSNJ Bayonne Bancshares Inc. 0.57 6.79
FSPG First Home Bancorp Inc. 0.89 13.20
FSPT FirstSpartan Financial Corp. 1.64 6.87
FSSB First FS&LA of San Bernardino (0.12) (2.83)
FSTC First Citizens Corp. 3.88 41.13
FTF Texarkana First Financial Corp 1.87 11.77
FTFC First Federal Capital Corp. 1.20 18.27
FTNB Fulton Bancorp Inc. 1.59 6.35
FTSB Fort Thomas Financial Corp. 1.33 8.25
FWWB First SB of Washington Bancorp 1.21 8.67
GAF GA Financial Inc. 1.16 7.59
GBCI Glacier Bancorp Inc. 1.62 16.97
GDVS Greater Delaware Valley (MHC) 0.89 7.68
GDW Golden West Financial 0.92 14.23
GFCO Glenway Financial Corp. 0.85 8.92
GFED Guaranty Federal SB (MHC) 1.02 7.41
GFSB GFS Bancorp Inc. 1.28 11.13
GLMR Gilmer Financial Svcs, Inc. (0.52) (5.64)
GOSB GSB Financial Corp. 0.40 4.05
GPT GreenPoint Financial Corp. 1.08 11.39
GSB Golden State Bancorp Inc. 0.70 11.06
GSBC Great Southern Bancorp Inc. 2.18 25.30
GSFC Green Street Financial Corp. 1.64 4.58
GSLA GS Financial Corp. 1.66 3.75
GTFN Great Financial Corp. 1.12 11.41
GTPS Great American Bancorp 0.66 3.15
GUPB GFSB Bancorp Inc. 1.26 8.08
GWBC Gateway Bancorp Inc. 0.96 3.60
HALL Hallmark Capital Corp. 0.62 8.57
HARB Harbor Florida Bancorp (MHC) 1.24 14.77
HARL Harleysville Savings Bank 1.02 15.38
HARS Harris Financial Inc. (MHC) 1.01 12.65
HAVN Haven Bancorp Inc. 0.54 9.01
HBBI Home Building Bancorp 0.73 5.35
HBEI Home Bancorp of Elgin Inc. 0.70 2.65
HBFW Home Bancorp 0.89 6.61
HBNK Highland Federal Bank FSB 1.34 18.04
HBS Haywood Bancshares Inc. 2.18 15.52
HCBB HCB Bancshares Inc. (0.01) (0.08)
</TABLE>
<PAGE>
Page 12 of 32
<TABLE>
<CAPTION>
Capital as of The Most Recent Quarter Asset Quality as of The Most Recent Quarter
------------------------------------------------- ----------------------------------------------
Tan- Total
gible Intan- Regula- Capital/ Re-
Equity/ gible tory Equity + Risk Re- Re- serves/
Equity/ Tang Assets/ Core Reserves/ Aquired NPLs/ serves/ NPAs/ NPAs/ serves/ NPAS
Assets Assets Equity Assets Assets Assets Loans NPLs Assets Equity Loans + 90
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
- ----------------------------- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
HCFC Home City Financial Corp. 19.61 19.61 0.00 15.19 20.24 26.57 0.95 77.27 0.82 4.16 0.73 77.27
HEMT HF Bancorp Inc. 7.93 6.70 16.67 6.07 8.34 15.48 1.94 41.66 1.65 20.74 0.81 24.89
HFFB Harrodsburg First Fin Bancorp 26.92 26.92 0.00 21.10 27.21 43.05 0.00 NA 0.00 0.00 0.38 59.81
HFFC HF Financial Corp. 9.43 9.42 0.01 7.47 10.26 12.62 0.55 196.34 0.48 5.12 1.08 173.70
HFGI Harrington Financial Group 4.84 4.84 0.00 6.09 4.88 31.27 0.35 60.57 0.20 4.17 0.21 20.13
HFNC HFNC Financial Corp. 18.81 18.81 0.00 16.70 19.66 31.41 0.99 107.36 0.92 4.90 1.06 92.55
HFSA Hardin Bancorp Inc. 11.53 11.53 0.00 10.00 11.71 26.82 0.17 211.11 0.09 0.79 0.36 195.33
HHFC Harvest Home Financial Corp. 11.81 11.81 0.00 NA 11.95 NA 0.22 117.00 0.11 0.97 0.26 117.00
HIFS Hingham Instit. for Savings 9.71 9.71 0.00 NA 10.41 NA 1.16 78.90 0.89 9.19 0.91 78.90
HMCI HomeCorp Inc. 6.83 6.83 0.00 5.46 7.32 9.09 0.66 91.94 2.16 31.58 0.61 22.97
HMLK Hemlock Federal Financial Corp 19.31 19.31 0.00 13.16 19.77 38.90 0.00 NA 0.00 0.00 1.22 NA
HMNF HMN Financial Inc. 14.88 14.88 0.00 10.68 15.32 24.62 0.08 922.02 0.07 0.44 0.71 465.21
HOMF Home Federal Bancorp 8.66 8.42 2.95 8.16 9.20 12.06 0.49 129.66 0.48 5.56 0.63 112.57
HPBC Home Port Bancorp Inc. 10.67 10.67 0.00 10.66 11.97 NA 0.00 NA 0.00 0.00 1.54 NA
HRBF Harbor Federal Bancorp Inc. 13.06 13.06 0.00 NA 13.25 NA 0.15 189.19 0.10 0.78 0.28 189.19
HRZB Horizon Financial Corp. 15.64 15.64 0.00 15.59 16.31 29.30 0.00 NA 0.00 0.00 0.85 NA
HTHR Hawthorne Financial Corp. 6.16 6.16 0.00 7.41 7.64 11.99 7.35 23.12 8.07 31.10 1.70 18.43
HWEN Home Financial Bancorp 17.55 17.55 0.00 14.95 18.18 25.47 1.90 38.19 1.70 9.71 0.73 36.51
HZFS Horizon Financial Svcs Corp. 9.95 9.95 0.00 NA NA NA NA NA NA NA NA NA
IBSF IBS Financial Corp. 17.42 17.42 0.00 17.24 17.57 61.60 0.39 130.07 0.13 0.75 0.50 110.72
IFSB Independence Federal Svgs Bank 6.88 6.14 11.58 6.11 7.08 14.94 2.39 13.56 2.02 29.30 0.32 9.82
INBI Industrial Bancorp Inc. 17.18 17.18 0.00 15.72 17.66 30.02 0.15 363.60 0.14 0.79 0.54 193.84
INCB Indiana Community Bank SB 12.17 12.17 0.00 14.00 12.88 18.70 0.13 693.75 0.13 1.08 0.90 541.46
IPSW Ipswich Savings Bank 5.61 5.61 0.00 5.54 6.44 11.28 0.42 257.34 0.84 15.05 1.09 97.31
ISBF ISB Financial Corp. 12.04 10.43 14.93 10.21 12.56 20.04 NA NA NA NA 0.80 NA
ITLA ITLA Capital Corp. 10.72 NA NA NA 11.94 13.00 NA NA NA NA 1.45 NA
IWBK InterWest Bancorp Inc. 6.34 6.24 1.78 6.62 6.77 NA 0.43 178.44 0.58 9.09 0.77 73.44
JOAC Joachim Bancorp Inc. 28.16 28.16 0.00 23.10 28.38 46.20 0.25 130.00 0.17 0.61 0.32 109.86
JSB JSB Financial Inc. 23.21 23.21 0.00 NA 23.59 NA NA NA NA NA 0.61 NA
JSBA Jefferson Savings Bancorp 8.54 6.75 22.42 7.03 9.18 13.20 0.18 462.46 0.46 5.34 0.84 140.15
JXSB Jacksonville Savings Bk (MHC) 10.49 10.49 0.00 10.22 10.98 15.17 0.75 81.07 0.66 6.32 0.61 72.96
JXVL Jacksonville Bancorp Inc. 14.92 14.92 0.00 13.77 15.45 27.90 0.76 91.63 0.78 5.23 0.70 67.63
KFBI Klamath First Bancorp 14.74 NA NA 11.06 14.87 23.12 0.05 510.24 0.03 0.18 0.23 510.24
KNK Kankakee Bancorp Inc. 11.43 10.85 5.71 9.02 12.06 16.32 0.55 162.42 0.80 6.97 0.90 60.22
KSAV KS Bancorp Inc. 13.24 13.23 0.03 NA 13.53 NA 0 NA 0.06 0.43 0.35 509.52
KSBK KSB Bancorp Inc. 7.36 7.02 4.93 6.79 8.19 11.02 1.73 61.53 1.39 18.89 1.07 52.04
KYF Kentucky First Bancorp Inc. 16.70 16.70 0.00 15.14 17.13 28.44 0.07 NA 0.04 0.23 0.76 457.83
LARK Landmark Bancshares Inc. 13.79 13.79 0.00 12.15 14.18 26.59 0.07 873.27 0.04 0.32 0.57 123.70
LARL Laurel Capital Group Inc. 10.47 10.47 0.00 10.19 11.35 21.37 0.55 225.74 0.43 4.15 1.25 201.97
LFBI Little Falls Bancorp Inc. 11.68 10.87 7.77 8.04 12.03 22.13 1.68 45.47 0.90 7.67 0.77 38.49
LFCO Life Financial Corp. 16.82 16.82 0.00 6.50 17.46 13.89 NA NA NA NA 0.83 NA
LFED Leeds Federal Savings Bk (MHC) 16.29 16.29 0.00 15.92 16.47 35.39 0.05 609.09 0.03 0.19 0.31 609.09
LIFB Life Bancorp Inc. 10.72 10.45 2.76 8.98 11.30 22.46 0.75 176.99 0.41 3.83 1.32 141.46
LISB Long Island Bancorp Inc. 9.21 9.13 0.93 7.75 9.78 16.22 1.28 71.97 0.91 9.83 0.92 63.07
LOGN Logansport Financial Corp. 18.89 18.89 0.00 18.90 19.17 35.56 0.52 74.21 0.49 2.62 0.39 55.66
LONF London Financial Corporation 19.66 19.66 0.00 15.60 20.15 30.10 1.03 61.11 0.80 4.07 0.63 61.11
LSBI LSB Financial Corp. 8.63 8.63 0.00 8.07 9.37 11.48 1.18 69.89 1.05 12.14 0.83 69.89
LSBX Lawrence Savings Bank 9.52 9.52 0.00 9.45 10.56 18.54 1.06 221.30 0.66 6.98 2.35 156.71
LVSB Lakeview Financial 12.22 10.65 14.33 7.60 12.89 16.99 1.67 89.5 1.13 9.29 1.50 59.43
LXMO Lexington B&L Financial Corp. 28.32 28.32 0.00 23.30 28.69 44.10 0.62 78.37 0.48 1.68 0.49 78.37
MAFB MAF Bancorp Inc. 7.79 6.91 12.15 7.04 8.34 14.81 0.41 168.83 0.38 4.82 0.69 128.75
MARN Marion Capital Holdings 21.95 21.95 0.00 20.30 23.08 31.40 1.23 108.01 1.08 4.94 1.32 104.36
MASB MASSBANK Corp. 10.78 10.64 1.50 9.81 11.02 34.04 0.43 193.81 0.16 1.44 0.84 113.84
MBB MSB Bancorp Inc. 9.84 6.23 39.05 6.23 NA NA NA NA NA NA NA NA
MBBC Monterey Bay Bancorp Inc. 11.51 10.76 7.30 9.11 11.90 17.52 1.05 57.32 0.76 6.58 0.60 51.39
MBLF MBLA Financial Corp. 12.65 12.65 0.00 12.01 12.94 32.63 0.99 50.27 0.57 4.53 0.50 50.27
MBSP Mitchell Bancorp Inc. 41.35 41.35 0.00 33.60 41.88 57.00 2.37 26.45 2.25 5.45 0.63 23.36
MCBN Mid-Coast Bancorp Inc. 8.58 8.58 0.00 8.33 9.11 14.96 0.67 95.27 0.55 6.41 0.64 82.14
MCBS Mid Continent Bancshares Inc. 9.39 9.39 0.00 8.52 9.49 22.60 0.25 73.49 0.15 1.55 0.19 71.76
MDBK Medford Savings Bank 9.02 8.50 6.29 8.53 9.61 15.90 0.48 235.75 0.27 3.02 1.12 219.01
MECH Mechanics Savings Bank 10.41 10.41 0.00 9.82 NA NA NA NA 0.91 8.72 NA NA
MERI Meritrust Federal SB 8.26 8.26 0.00 8.10 8.53 18.06 0.42 125.29 0.25 3.00 0.52 70.30
METF Metropolitan Financial Corp. 4.03 3.69 8.74 5.46 4.66 8.63 0.41 203.68 0.54 13.35 0.84 107.95
MFBC MFB Corp. 13.10 13.10 0.00 12.43 13.24 25.40 0.00 NA 0.00 0.00 0.18 141.76
</TABLE>
<PAGE>
Page 12 of 32
<TABLE>
<CAPTION>
Profitability
as of The Most
Recent Quarter
-----------------
Return Return
on Avg on Avg
Assets Equity
Ticker Short Name (%) (%)
- ----------------------------- ------- ---------
<S> <C> <C> <C>
HCFC Home City Financial Corp. 1.39 6.94
HEMT HF Bancorp Inc. 0.20 2.44
HFFB Harrodsburg First Fin Bancorp 1.39 5.23
HFFC HF Financial Corp. 1.15 12.55
HFGI Harrington Financial Group 0.26 5.07
HFNC HFNC Financial Corp. 1.85 10.06
HFSA Hardin Bancorp Inc. 0.65 5.31
HHFC Harvest Home Financial Corp. 0.80 6.60
HIFS Hingham Instit. for Savings 1.26 13.12
HMCI HomeCorp Inc. 0.58 8.75
HMLK Hemlock Federal Financial Corp 1.03 5.41
HMNF HMN Financial Inc. 1.07 7.35
HOMF Home Federal Bancorp 1.42 16.70
HPBC Home Port Bancorp Inc. 1.65 15.56
HRBF Harbor Federal Bancorp Inc. 0.76 5.84
HRZB Horizon Financial Corp. 1.56 10.00
HTHR Hawthorne Financial Corp. 1.47 24.23
HWEN Home Financial Bancorp 0.76 4.43
HZFS Horizon Financial Svcs Corp. 1.14 11.52
IBSF IBS Financial Corp. 0.70 3.99
IFSB Independence Federal Svgs Bank 0.99 14.77
INBI Industrial Bancorp Inc. 1.40 8.06
INCB Indiana Community Bank SB 0.32 2.57
IPSW Ipswich Savings Bank 1.17 20.59
ISBF ISB Financial Corp. 0.74 6.16
ITLA ITLA Capital Corp. 1.46 13.42
IWBK InterWest Bancorp Inc. 1.08 16.65
JOAC Joachim Bancorp Inc. 0.93 3.25
JSB JSB Financial Inc. 2.23 9.73
JSBA Jefferson Savings Bancorp 0.83 9.86
JXSB Jacksonville Savings Bk (MHC) 0.56 5.41
JXVL Jacksonville Bancorp Inc. 1.75 11.48
KFBI Klamath First Bancorp 0.99 5.90
KNK Kankakee Bancorp Inc. 0.86 7.66
KSAV KS Bancorp Inc. 1.10 8.19
KSBK KSB Bancorp Inc. 1.21 16.68
KYF Kentucky First Bancorp Inc. 1.21 7.26
LARK Landmark Bancshares Inc. 1.10 7.89
LARL Laurel Capital Group Inc. 1.48 14.41
LFBI Little Falls Bancorp Inc. 0.59 4.70
LFCO Life Financial Corp. 6.43 34.47
LFED Leeds Federal Savings Bk (MHC) 1.24 7.66
LIFB Life Bancorp Inc. 0.93 8.71
LISB Long Island Bancorp Inc. 0.88 9.58
LOGN Logansport Financial Corp. 1.41 7.39
LONF London Financial Corporation 0.85 4.30
LSBI LSB Financial Corp. 0.83 9.62
LSBX Lawrence Savings Bank 1.76 19.33
LVSB Lakeview Financial 1.54 14.17
LXMO Lexington B&L Financial Corp. 1.52 5.43
MAFB MAF Bancorp Inc. 1.10 14.00
MARN Marion Capital Holdings 1.50 6.72
MASB MASSBANK Corp. 1.12 10.53
MBB MSB Bancorp Inc. 0.62 6.62
MBBC Monterey Bay Bancorp Inc. 0.50 4.44
MBLF MBLA Financial Corp. 0.89 7.13
MBSP Mitchell Bancorp Inc. 1.44 3.50
MCBN Mid-Coast Bancorp Inc. 0.82 9.90
MCBS Mid Continent Bancshares Inc. 1.18 11.85
MDBK Medford Savings Bank 0.99 11.07
MECH Mechanics Savings Bank 0.92 8.95
MERI Meritrust Federal SB 1.14 13.75
METF Metropolitan Financial Corp. 0.71 17.67
MFBC MFB Corp. 0.79 6.00
</TABLE>
<PAGE>
Page 13 of 32
<TABLE>
<CAPTION>
Capital as of The Most Recent Quarter Asset Quality as of The Most Recent Quarter
------------------------------------------------- ----------------------------------------------
Tan- Total
gible Intan- Regula- Capital/ Re-
Equity/ gible tory Equity + Risk Re- Re- serves/
Equity/ Tang Assets/ Core Reserves/ Aquired NPLs/ serves/ NPAs/ NPAs/ serves/ NPAS
Assets Assets Equity Assets Assets Assets Loans NPLs Assets Equity Loans + 90
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
- ----------------------------- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MFCX Marshalltown Financial Corp. 16.16 16.16 0.00 12.47 16.26 32.99 0.00 NA 0.00 0.00 0.19 NA
MFFC Milton Federal Financial Corp. 12.57 12.57 0.00 10.34 12.83 22.83 0.25 176.18 0.15 1.21 0.44 91.98
MFLR Mayflower Co-operative Bank 9.68 9.54 1.68 9.68 10.57 16.70 1.19 127.05 0.81 8.36 1.52 92.14
MFSL Maryland Federal Bancorp 8.48 NA NA 7.90 8.89 15.61 0.40 115.79 0.45 5.31 0.46 85.54
MIFC Mid-Iowa Financial Corp. 9.35 9.34 0.12 7.57 9.59 19.10 0.03 NA 0.02 0.17 0.45 NA
MIVI Mississippi View Holding Co. 17.61 17.61 0.00 16.32 NA 33.17 NA NA NA NA NA NA
MLBC ML Bancorp Inc. 6.92 6.49 6.70 5.45 7.69 NA 0.80 213.57 0.43 6.19 1.71 178.98
MONT Montgomery Financial Corp. 19.14 19.14 0.00 14.62 19.32 22.49 0.71 28.59 0.73 3.84 0.20 24.43
MRKF Market Financial Corp. 35.00 35.00 0.00 22.90 35.09 68.30 0.00 NA 0.00 0.00 0.20 12.24
MSBF MSB Financial Inc. 16.54 16.54 0.00 12.89 16.95 21.63 0.02 NA 0.02 0.13 0.45 40.20
MSBK Mutual Savings Bank FSB 6.37 6.37 0.00 6.47 6.67 15.89 0.05 NA 0.05 0.73 0.64 650.66
MWBI Midwest Bancshares Inc. 6.92 6.92 0.00 6.09 7.40 14.23 0.81 96.78 0.81 11.76 0.79 59.23
MWBX MetroWest Bank 7.47 7.47 0.00 7.58 8.65 11.32 0.71 218.22 0.69 9.20 1.55 131.24
MWFD Midwest Federal Financial 8.81 8.52 3.58 7.09 9.60 10.32 0.07 NA 0.12 1.35 1.05 658.13
NASB North American Savings Bank 7.68 7.44 3.36 7.70 8.52 13.00 2.97 32.94 3.11 40.56 0.98 27.16
NBN Northeast Bancorp 7.71 6.96 10.49 6.99 8.67 12.21 1.09 112.63 1.03 13.34 1.22 93.77
NBSI North Bancshares Inc. 13.43 13.43 0.00 11.81 13.60 32.16 0.00 NA 0.00 0.00 0.27 NA
NEIB Northeast Indiana Bancorp 14.37 14.37 0.00 12.09 14.97 20.03 0.19 353.23 0.17 1.20 0.67 350.00
NHTB New Hampshire Thrift Bncshrs 7.82 6.79 14.10 6.43 8.74 11.92 0.52 219.29 0.61 7.80 1.14 151.10
NASB NewMil Bancorp Inc. 10.17 10.17 0 10.35 11.92 20.26 1.75 186.1 1.05 10.34 3.26 128.18
NSLB NS&L Bancorp Inc. 19.56 19.56 0.00 15.00 19.63 35.10 0.03 466.67 0.02 0.08 0.13 210
NSSB Norwich Financial Corp. 11.67 10.71 9.22 10.37 13.56 14.80 1.33 203.29 1.20 10.27 2.71 158.13
NSSY NSS Bancorp Inc. 7.82 7.59 3.25 7.76 8.86 15.30 1.88 81.61 1.35 17.25 1.54 NA
NTMG Nutmeg Federal S&LA 8.37 8.37 0.00 8.25 8.86 13.81 0.54 101.63 0.77 9.23 0.55 40.69
NWEQ Northwest Equity Corp. 11.69 11.69 0.00 NA 12.17 NA 1.37 43.08 1.17 10.00 0.59 41.26
NWSB Northwest Savings Bank (MHC) 9.64 9.15 5.59 8.97 10.29 18.32 0.72 120.38 0.77 7.95 0.87 85.90
NYB New York Bancorp Inc. 5.21 5.21 0.00 5.11 5.79 11.83 1.11 82.89 0.74 14.15 0.92 65.33
OCFC Ocean Financial Corp. 15.17 15.17 0.00 11.89 15.61 30.15 0.89 96.09 0.52 3.44 0.86 83.85
OCN Ocwen Financial Corp. 13.62 13.31 2.60 10.48 14.39 13.99 NA NA NA NA 1.13 NA
OFCP Ottawa Financial Corp. 8.74 7.18 19.21 NA 9.11 NA 0.28 154.47 0.27 3.11 0.43 106.15
OHSL OHSL Financial Corp. 10.92 10.92 0.00 9.17 11.15 17.42 0.04 777.94 0.03 0.27 0.31 121.89
OSFS Ohio State Financial Services 14.45 14.45 0.00 14.80 14.86 30.50 0.58 97.92 0.42 2.91 0.57 97.92
OTFC Oregon Trail Financial Corp. 9.83 9.83 0.00 9.76 10.10 21.45 0.12 331.90 0.10 1.05 0.41 257.62
PALM Palfed Inc. 8.52 8.52 0.00 6.90 9.60 10.50 1.38 94.27 2.04 23.92 1.30 53.36
PBCI Pamrapo Bancorp Inc. 12.91 12.83 0.70 12.82 13.59 27.59 2.71 44.5 1.92 14.87 1.21 28.48
PBCT People's Bank (MHC) 9.02 9.01 0.11 8.40 10.13 13.90 1.07 154.97 0.76 8.40 1.66 146.25
PBHC Oswego City Savings Bk (MHC) 11.94 10.23 15.99 9.84 12.34 16.90 1.03 64.65 0.91 7.58 0.67 43.96
PBKB People's Bancshares Inc. 4.10 3.94 4.11 5.97 4.69 11.57 0.95 114.27 0.53 13.02 1.08 110.55
PCBC Perry County Financial Corp. 19.20 19.20 0.00 16.2 19.23 72.6 0.18 104.17 0.03 0.15 0.19 104.17
PDB Piedmont Bancorp Inc. 16.43 16.43 0.00 15.37 17.10 28.59 0.76 106.35 0.63 3.86 0.81 75.98
PEEK Peekskill Financial Corp. 25.73 25.73 0.00 24.87 26.07 96.81 2.33 57.97 0.71 2.75 1.35 27.98
PERM Permanent Bancorp Inc. 9.46 9.35 1.31 8.44 9.97 21.01 2.08 48.17 1.07 11.32 1.00 47.01
PERT Perpetual Bank (MHC) 11.83 11.83 0.00 10.90 12.42 19.00 0.15 570.30 0.12 1.00 0.87 502.32
PFDC Peoples Bancorp 15.20 15.20 0.00 12.60 15.51 26.80 0.31 121.58 0.34 2.24 0.38 83.87
PFED Park Bancorp Inc. 23.14 23.14 0.00 15.90 23.42 43.60 0.52 138.5 0.24 1.04 0.72 118.76
PFFB PFF Bancorp Inc. 10.06 9.96 1.05 8.51 11.10 16.47 1.78 80.73 1.61 15.96 1.44 64.39
PFFC Peoples Financial Corp. 27.21 27.21 0.00 20.00 27.44 45.30 0.00 NA 0.00 0.00 0.39 NA
PFNC Progress Financial Corp. 5.33 4.78 10.81 6.70 6.11 10.58 0.69 160.46 1.37 25.69 1.11 37.27
PFSB PennFed Financial Services Inc 7.33 6.27 15.31 5.71 7.52 12.33 0.71 39.41 0.61 8.39 0.28 32.20
PFSL Pocahontas FS&LA (MHC) 6.36 6.36 0.00 6.36 6.82 16.56 0.23 481.94 0.10 1.52 1.12 308.72
PHBK Peoples Heritage Finl Group 7.45 6.43 14.64 8.62 8.49 14.26 0.95 162.28 0.75 10.13 1.55 121.04
PHFC Pittsburgh Home Financial Corp 10.54 10.44 1.05 22.59 11.06 10.26 2.03 38.30 1.69 16.01 0.78 30.77
PHSB Peoples Home Savings Bk (MHC) 13.67 13.67 0.00 13.20 14.34 28.00 0.80 172.12 0.40 2.91 1.37 148.08
PKPS Poughkeepsie Financial Corp. 8.42 8.42 0.00 7.06 9.42 12.10 3.96 33.92 3.58 42.47 1.34 23.86
PLSK Pulaski Savings Bank (MHC) 11.98 11.98 0.00 11.98 12.52 29.17 1.14 83.38 0.65 5.39 0.95 83.38
PMFI Perpetual Midwest Financial 8.51 8.51 0.00 7.95 9.22 12.24 0.33 259.53 0.29 3.42 0.86 240.42
PRBC Prestige Bancorp Inc. 11.21 11.21 0.00 11.24 11.48 23.95 0.47 84.2 0.33 2.93 0.40 82.34
PROV Provident Financial Holdings 13.33 13.33 0.00 9.59 14.21 15.01 NA NA NA NA 0.98 NA
PSBK Progressive Bank Inc. 8.73 7.93 9.93 7.75 9.82 15.34 1.31 125.50 0.92 10.56 1.65 115.80
PSFC Peoples-Sidney Financial Corp. 25.30 25.30 0.00 16.90 25.70 27.70 0.87 51.50 0.78 3.08 0.45 40.10
PSFI PS Financial Inc. 37.32 37.32 0.00 37.33 37.54 110.85 1.64 31.79 0.68 1.83 0.52 31.79
PTRS Potters Financial Corp. 8.81 8.81 0.00 7.98 10.53 17.63 0.68 389.09 0.44 5.00 2.65 389.09
PULB Pulaski Bank, Svgs Bank (MHC) 13.04 13.04 0.00 13.00 13.31 30.20 0.22 150.32 0.20 1.56 0.33 41.41
PULS Pulse Bancorp 8.21 8.21 0.00 7.63 8.66 27.74 2.18 83.43 0.56 6.85 1.82 59.52
</TABLE>
<PAGE>
Page 13 of 32
<TABLE>
<CAPTION>
Profitability
as of The Most
Recent Quarter
-----------------
Return Return
on Avg on Avg
Assets Equity
Ticker Short Name (%) (%)
- ----------------------------- ------- ---------
<S> <C> <C> <C>
MFCX Marshalltown Financial Corp. 0.57 3.58
MFFC Milton Federal Financial Corp. 0.68 5.29
MFLR Mayflower Co-operative Bank 1.05 11.03
MFSL Maryland Federal Bancorp 0.83 9.88
MIFC Mid-Iowa Financial Corp. 1.62 17.62
MIVI Mississippi View Holding Co. 1.07 5.86
MLBC ML Bancorp Inc. 0.74 10.77
MONT Montgomery Financial Corp. 0.89 4.65
MRKF Market Financial Corp. 1.15 3.30
MSBF MSB Financial Inc. 1.54 9.16
MSBK Mutual Savings Bank FSB 0.12 1.86
MWBI Midwest Bancshares Inc. 1.13 16.37
MWBX MetroWest Bank 1.36 18.19
MWFD Midwest Federal Financial 1.48 16.98
NASB North American Savings Bank 1.57 20.06
NBN Northeast Bancorp 0.84 10.96
NBSI North Bancshares Inc. 0.37 2.69
NEIB Northeast Indiana Bancorp 1.28 8.66
NHTB New Hampshire Thrift Bncshrs 0.95 12.64
NASB NewMil Bancorp Inc. 0.88 8.67
NSLB NS&L Bancorp Inc. 0.94 4.78
NSSB Norwich Financial Corp. 1.19 10.36
NSSY NSS Bancorp Inc. 0.72 9.02
NTMG Nutmeg Federal S&LA 0.63 8.64
NWEQ Northwest Equity Corp. 1.06 9.23
NWSB Northwest Savings Bank (MHC) 0.92 9.68
NYB New York Bancorp Inc. 1.70 32.90
OCFC Ocean Financial Corp. 0.98 6.37
OCN Ocwen Financial Corp. 2.77 26.47
OFCP Ottawa Financial Corp. 0.80 9.22
OHSL OHSL Financial Corp. 0.86 7.84
OSFS Ohio State Financial Services 1.07 7.50
OTFC Oregon Trail Financial Corp. NA NA
PALM Palfed Inc. 0.56 6.75
PBCI Pamrapo Bancorp Inc. 1.36 10.63
PBCT People's Bank (MHC) 1.16 13.67
PBHC Oswego City Savings Bk (MHC) 1.01 8.49
PBKB People's Bancshares Inc. 0.75 15.51
PCBC Perry County Financial Corp. 1.14 6.10
PDB Piedmont Bancorp Inc. 1.34 7.97
PEEK Peekskill Financial Corp. 1.13 4.38
PERM Permanent Bancorp Inc. 0.60 6.39
PERT Perpetual Bank (MHC) 1.06 8.77
PFDC Peoples Bancorp 1.53 10.08
PFED Park Bancorp Inc. 1.03 4.49
PFFB PFF Bancorp Inc. 0.50 4.97
PFFC Peoples Financial Corp. 0.92 3.39
PFNC Progress Financial Corp. 0.84 15.98
PFSB PennFed Financial Services Inc 0.80 10.98
PFSL Pocahontas FS&LA (MHC) 0.66 10.39
PHBK Peoples Heritage Finl Group 1.31 16.91
PHFC Pittsburgh Home Financial Corp 0.86 8.03
PHSB Peoples Home Savings Bk (MHC) 0.91 6.80
PKPS Poughkeepsie Financial Corp. 0.48 5.71
PLSK Pulaski Savings Bank (MHC) 0.73 6.12
PMFI Perpetual Midwest Financial 0.55 6.51
PRBC Prestige Bancorp Inc. 0.59 5.27
PROV Provident Financial Holdings 0.93 6.90
PSBK Progressive Bank Inc. 0.99 11.52
PSFC Peoples-Sidney Financial Corp. 1.31 5.18
PSFI PS Financial Inc. 1.98 5.25
PTRS Potters Financial Corp. 0.91 10.07
PULB Pulaski Bank, Svgs Bank (MHC) 1.19 9.16
PULS Pulse Bancorp 1.10 13.55
</TABLE>
<PAGE>
Page 14 of 32
<TABLE>
<CAPTION>
Capital as of The Most Recent Quarter Asset Quality as of The Most Recent Quarter
------------------------------------------------- ----------------------------------------------
Tan- Total
gible Intan- Regula- Capital/ Re-
Equity/ gible tory Equity + Risk Re- Re- serves/
Equity/ Tang Assets/ Core Reserves/ Aquired NPLs/ serves/ NPAs/ NPAs/ serves/ NPAS
Assets Assets Equity Assets Assets Assets Loans NPLs Assets Equity Loans + 90
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
- ----------------------------- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
PVFC PVF Capital Corp. 7.18 7.18 0.00 7.38 7.86 10.55 0.83 86.55 1.13 15.79 0.72 57.57
PVSA Parkvale Financial Corporation 7.72 7.67 0.65 7.09 9.15 14.52 0.35 551.02 0.26 3.38 1.91 547.66
PWBC PennFirst Bancorp Inc. 8.37 NA NA NA 8.96 NA 1.50 96.88 0.68 8.07 1.45 87.79
PWBK Pennwood Bancorp Inc. 18.34 18.34 0.00 NA 18.97 NA 1.42 73.41 0.94 5.12 1.04 42.39
QCBC Quaker City Bancorp Inc. 8.46 8.46 0.00 7.14 9.36 13.06 1.28 89.96 1.35 15.92 1.15 67.38
QCFB QCF Bancorp Inc. 16.45 16.45 0 NA 17.27 NA 0.52 383.78 0.24 1.45 2 345.09
QCSB Queens County Bancorp Inc. 11.22 11.22 0.00 10.32 11.83 16.85 0.50 138.71 0.53 4.74 0.69 89.32
RARB Raritan Bancorp Inc. 7.37 7.26 1.53 7.42 8.18 13.43 0.57 223.05 0.39 5.29 1.26 208.57
REDF RedFed Bancorp Inc. 8.32 NA NA 7.81 NA 11.85 NA NA 1.81 21.76 NA NA
RELI Reliance Bancshares Inc. 48.31 48.31 0.00 46.44 48.63 70.47 0.00 NA 0.00 0.00 0.56 NA
RELY Reliance Bancorp Inc. 8.26 6.20 26.55 NA 8.54 NA NA NA NA NA 0.62 NA
RIVR River Valley Bancorp 12.39 12.23 1.49 16.13 13.23 31.25 0.53 193.60 0.49 3.97 1.03 170.62
ROSE TR Financial Corp. 6.24 6.24 0.00 6.27 6.64 18.56 0.89 85.30 0.50 7.99 0.76 74.97
RSLN Roslyn Bancorp Inc. 17.64 17.57 0.48 12.52 18.33 28.53 0.94 276.76 0.27 1.52 2.60 257.00
RVSB Riverview Bancorp Inc. 20.75 20.13 3.70 12.90 21.07 26.30 0.25 226.93 0.14 0.68 0.58 226.93
SBFL SB of the Finger Lakes (MHC) 9.34 9.34 0.00 9.22 9.85 23.73 0.90 121.93 0.50 5.33 1.10 103.35
SBOS Boston Bancorp (The) 12.34 12.34 0.00 10.06 12.45 26.75 1.41 42.86 0.65 5.23 0.61 18.09
SCBS Southern Community Bancshares 21.32 21.32 0.00 NA 22.47 NA 3.67 52.99 2.16 10.15 1.94 46.17
SCCB S. Carolina Community Bancshrs 25.67 25.67 0.00 23.10 26.30 48.70 1.10 73.80 1.06 4.12 0.81 59.43
SFED SFS Bancorp Inc. 12.47 12.47 0.00 NA NA NA NA NA NA NA NA NA
SFFC StateFed Financial Corp. 17.53 17.53 0.00 10.42 17.79 18.56 2.28 14.63 2.19 12.51 0.33 10.16
SFIN Statewide Financial Corp. 9.36 9.35 0.17 8.37 9.76 22.15 0.64 132.09 0.33 3.56 0.84 104.03
SFNB Security First Network Bank 35.16 34.83 1.44 40.30 35.29 NA NA NA NA NA 1.28 NA
SFSB SuburbFed Financial Corp. 6.63 6.61 0.33 NA 6.83 NA NA NA NA NA 0.30 NA
SFSL Security First Corp. 9.26 9.13 1.55 7.91 10.01 11.21 0.37 226.56 0.33 3.57 0.84 226.25
SGVB SGV Bancorp Inc. 7.44 7.33 1.53 6.45 7.74 14.23 1.08 37.81 1.06 14.21 0.41 29.26
SHEN First Shenango Bancorp Inc. 11.62 11.62 0 9.43 12.39 19.10 0.46 254.17 0.51 4.41 1.17 149.56
SHSB SHS Bancorp Inc. 5.37 5.37 0.00 5.38 5.88 12.46 2.02 37.37 1.42 26.43 0.75 35.26
SISB SIS Bancorp Inc. 7.36 7.36 0.00 7.13 8.63 13.07 0.66 405.76 0.33 4.42 2.67 379.00
SKAN Skaneateles Bancorp Inc. 7.00 6.81 2.88 6.79 7.84 11.29 1.62 60.52 1.78 25.49 0.98 41.25
SKBO First Carnegie Deposit (MHC) 16.45 16.45 0.00 16.4 16.73 59 NA NA NA NA 0.68 NA
SMBC Southern Missouri Bancorp Inc. 16.46 16.46 0.00 13.35 16.90 25.62 1.27 51.16 0.89 5.44 0.65 49.20
SMFC Sho-Me Financial Corp. 9.03 9.03 0.00 7.95 9.58 14.77 0.15 425.56 0.29 3.21 0.63 190.55
SOBI Sobieski Bancorp Inc. 14.78 14.78 0.00 11.20 15.01 26.80 0.16 188.68 0.13 0.85 0.31 188.68
SOPN First Savings Bancorp Inc. 23.01 23.01 0.00 22.92 23.21 50.87 0.44 70.15 0.29 1.27 0.31 70.15
SOSA Somerset Savings Bank 6.60 6.60 0.00 6.62 8.03 10.7 5.93 31.60 5.91 89.61 1.87 24.16
SPBC St. Paul Bancorp Inc. 8.99 8.97 0.28 8.60 9.74 16.65 0.26 424.17 0.23 2.51 1.10 210.72
SRN Southern Banc Co. 17.08 16.95 0.90 NA 17.15 NA 0.00 NA 0.00 0.00 0.20 NA
SSB Scotland Bancorp Inc. 37.03 37.03 0.00 29.27 37.38 58.40 0.00 NA 0.00 0.00 0.50 NA
SSFC South Street Financial Corp. 25.25 25.25 0.00 24.98 25.42 73.53 0.57 67.30 0.27 1.07 0.39 65.44
SSM Stone Street Bancorp Inc. 29.57 29.57 0.00 NA 30.10 NA 0.00 NA 0.00 0.00 0.62 229.34
STFR St. Francis Capital Corp. 7.81 6.98 11.42 NA 8.18 NA 0.4 207.08 0.21 2.63 0.83 NA
STSA Sterling Financial Corp. 5.25 4.83 8.47 7.46 5.71 13.71 0.45 183.74 0.47 9.02 0.82 96.70
SVRN Sovereign Bancorp Inc. 5.08 4.31 15.92 5.31 5.73 12.14 0.73 125.97 0.60 11.77 0.92 99.50
SWBI Southwest Bancshares 11.34 11.34 0.00 7.77 11.55 13.81 0.28 101.05 0.20 1.79 0.28 101.05
SWCB Sandwich Bancorp Inc. 7.93 7.65 3.89 NA 8.70 NA NA NA NA NA 1.06 NA
SZB SouthFirst Bancshares Inc. 14.00 14.00 0.00 14.00 14.29 23.27 0.50 78.95 0.53 3.81 0.40 39.15
THR Three Rivers Financial Corp. 13.77 13.73 0.35 11.71 14.29 22.64 1.23 62.42 0.87 6.30 0.77 59.98
THRD TF Financial Corporation 11.63 10.41 11.69 6.90 11.97 17.43 0.50 163.39 0.27 2.29 0.82 128.49
TPNZ Tappan Zee Financial Inc. 17.15 17.15 0.00 13.60 17.70 38.80 2.48 47.26 1.16 6.74 1.17 32.52
TRIC Tri-County Bancorp Inc. 15.31 15.31 0.00 13.24 15.78 35.78 0.00 NA 0.00 0.00 1.05 NA
TSBS Peoples Bancorp Inc. (MHC) 16.92 15.49 10.02 15.48 17.42 26.48 1.16 68.57 0.75 4.43 0.80 55.06
TSH Teche Holding Co. 13.14 13.14 0.00 11.60 13.96 21.93 0.30 319.98 0.27 2.04 0.96 304.97
TWIN Twin City Bancorp 12.94 12.94 0.00 12.14 13.08 22.32 0.00 NA 0.08 0.60 0.20 88.17
UBMT United Financial Corp. 23.29 23.29 0.00 14.20 23.36 NA 0.00 NA 0.35 1.49 0.22 14.68
UFRM United Federal Savings Bank 7.33 7.33 0.00 7.32 8.12 10.47 0.69 132.7 0.62 8.39 0.92 101.45
USAB USABancshares, Inc. 10.76 10.58 1.89 10.80 11.19 26.70 1.55 63.5 0.67 6.27 0.99 63.5
VABF Virginia Beach Fed. Financial 7.15 7.15 0.00 6.92 7.89 12.68 0.14 677.24 0.50 6.98 0.95 59.40
VFFC Virginia First Financial Corp. 7.75 7.50 3.39 7.39 8.83 11.61 1.55 76.95 2.30 29.67 1.19 47.12
WAMU Washington Mutual Inc. 5.58 5.21 6.98 NA 6.29 NA NA NA NA NA 0.98 NA
WAYN Wayne Svgs Community Bank(MHC) 9.54 9.54 0.00 NA 9.92 NA NA NA NA NA 0.46 NA
WBST Webster Financial Corp. 5.34 4.63 13.90 5.74 6.14 13.69 1.00 143.53 0.72 13.55 1.43 111.52
WCBI Westco Bancorp 15.54 15.54 0.00 13.40 15.83 28.80 0.27 139.06 0.21 1.32 0.37 139.06
WCFB Webster City Federal SB (MHC) 23.35 23.35 0.00 23.35 23.75 53.43 0.23 293.75 0.26 1.11 0.69 152.85
</TABLE>
<PAGE>
Page 14 of 32
<TABLE>
<CAPTION>
Profitability
as of The Most
Recent Quarter
-------------------------
Return Return
on Avg on Avg
Assets Equity
Ticker Short Name (%) (%)
- ----------------------------- ------- ---------
<S> <C> <C> <C>
PVFC PVF Capital Corp. 1.33 18.75
PVSA Parkvale Financial Corporation 1.08 14.80
PWBC PennFirst Bancorp Inc. 0.70 8.50
PWBK Pennwood Bancorp Inc. 1.05 5.86
QCBC Quaker City Bancorp Inc. 0.74 8.62
QCFB QCF Bancorp Inc. 1.63 9.58
QCSB Queens County Bancorp Inc. 1.46 12.78
RARB Raritan Bancorp Inc. 1.01 12.81
REDF RedFed Bancorp Inc. 1.19 14.22
RELI Reliance Bancshares Inc. 1.36 2.72
RELY Reliance Bancorp Inc. 0.95 11.59
RIVR River Valley Bancorp 0.91 7.51
ROSE TR Financial Corp. 1.00 16.11
RSLN Roslyn Bancorp Inc. 1.35 7.10
RVSB Riverview Bancorp Inc. 1.31 11.39
SBFL SB of the Finger Lakes (MHC) 0.35 3.67
SBOS Boston Bancorp (The) 3.18 28.19
SCBS Southern Community Bancshares 1.20 5.55
SCCB S. Carolina Community Bancshrs 1.31 5.06
SFED SFS Bancorp Inc. 0.68 5.47
SFFC StateFed Financial Corp. 1.03 5.86
SFIN Statewide Financial Corp. 0.81 8.62
SFNB Security First Network Bank (33.43) (85.49)
SFSB SuburbFed Financial Corp. 0.68 10.34
SFSL Security First Corp. 1.39 14.85
SGVB SGV Bancorp Inc. 0.32 4.39
SHEN First Shenango Bancorp Inc. 1.17 10.32
SHSB SHS Bancorp Inc. (1.88) (32.31)
SISB SIS Bancorp Inc. 0.88 12.46
SKAN Skaneateles Bancorp Inc. 0.69 10.03
SKBO First Carnegie Deposit (MHC) 0.62 4.88
SMBC Southern Missouri Bancorp Inc. 0.77 4.78
SMFC Sho-Me Financial Corp. 1.35 14.79
SOBI Sobieski Bancorp Inc. 0.60 4.00
SOPN First Savings Bancorp Inc. 1.73 7.55
SOSA Somerset Savings Bank 1.36 21.14
SPBC St. Paul Bancorp Inc. 1.08 12.26
SRN Southern Banc Co. 0.54 3.19
SSB Scotland Bancorp Inc. 1.50 4.08
SSFC South Street Financial Corp. 1.22 4.90
SSM Stone Street Bancorp Inc. 1.46 5.01
STFR St. Francis Capital Corp. 0.94 12.02
STSA Sterling Financial Corp. 0.61 10.69
SVRN Sovereign Bancorp Inc. 0.07 1.36
SWBI Southwest Bancshares 1.12 10.12
SWCB Sandwich Bancorp Inc. 0.98 12.30
SZB SouthFirst Bancshares Inc. 0.52 3.73
THR Three Rivers Financial Corp. 0.95 6.98
THRD TF Financial Corporation 0.87 7.57
TPNZ Tappan Zee Financial Inc. 0.78 4.60
TRIC Tri-County Bancorp Inc. 0.96 6.34
TSBS Peoples Bancorp Inc. (MHC) 1.05 6.20
TSH Teche Holding Co. 0.93 6.90
TWIN Twin City Bancorp 1.08 8.38
UBMT United Financial Corp. 1.41 6.14
UFRM United Federal Savings Bank 0.71 9.60
USAB USABancshares, Inc. 0.98 8.43
VABF Virginia Beach Fed. Financial 0.72 10.36
VFFC Virginia First Financial Corp. 0.25 3.17
WAMU Washington Mutual Inc. (0.54) (9.52)
WAYN Wayne Svgs Community Bank(MHC) 0.79 8.38
WBST Webster Financial Corp. 0.59 10.99
WCBI Westco Bancorp 1.63 10.60
WCFB Webster City Federal SB (MHC) 1.45 6.18
</TABLE>
<PAGE>
Page 15 of 32
<TABLE>
<CAPTION>
Capital as of The Most Recent Quarter Asset Quality as of The Most Recent Quarter
------------------------------------------------- ----------------------------------------------
Tan- Total
gible Intan- Regula- Capital/ Re-
Equity/ gible tory Equity + Risk Re- Re- serves/
Equity/ Tang Assets/ Core Reserves/ Aquired NPLs/ serves/ NPAs/ NPAs/ serves/ NPAS
Assets Assets Equity Assets Assets Assets Loans NPLs Assets Equity Loans + 90
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
- ----------------------------- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
WEFC Wells Financial Corp. 14.22 14.22 0.00 10.96 14.58 19.27 0.22 174.11 0.23 1.59 0.39 114.71
WEHO Westwood Homestead Fin. Corp. 27.66 27.66 0.00 22.56 27.83 36.90 0.00 NA 0.00 0.00 0.22 77.88
WES Westcorp 9.09 9.07 0.25 9.39 10.01 12.47 1.12 159.17 0.76 8.31 1.78 121.61
WFI Winton Financial Corp. 7.17 7.04 1.99 6.88 7.43 10.75 0.14 210.69 0.28 3.89 0.29 84.06
WFSG Wilshire Financial Services 5.76 5.76 0.00 NA 11.59 NA NA NA NA NA 8.13 NA
WFSL Washington Federal Inc. 12.55 11.64 8.19 10.74 12.98 19.67 0.58 100.17 0.69 5.52 0.58 62.1
WHGB WHG Bancshares Corp. 20.66 20.66 0.00 15.11 20.89 32.25 0.18 160.96 0.15 0.71 0.29 160.96
WOFC Western Ohio Financial Corp. 13.87 13.06 6.65 12.10 14.38 22.60 0.56 118.98 0.44 3.19 0.66 NA
WRNB Warren Bancorp Inc. 10.65 10.65 0.00 9.75 11.76 13.96 1.07 162.25 1.15 10.81 1.73 97.04
WSB Washington Savings Bank, FSB 8.38 8.38 0.00 7.78 8.84 21.24 2.72 37.27 1.53 18.21 1.01 30.34
WSFS WSFS Financial Corp. 5.54 5.51 0.72 6.76 7.26 10.73 1.55 173.18 1.21 21.88 2.68 134.95
WSTR WesterFed Financial Corp. 10.62 8.75 19.33 8.41 11.10 14.19 0.35 203.21 0.24 2.26 0.72 116.74
WVFC WVS Financial Corp. 12.00 12.00 0.00 11.70 12.70 26.10 0.34 361.83 0.19 1.61 1.21 361.83
WWFC Westwood Financial Corp. 9.32 8.42 10.54 7.18 9.53 19.80 0.00 NA 0.00 0.00 0.58 158.78
WYNE Wayne Bancorp Inc. 12.43 12.43 0.00 10.18 13.22 23.21 1.34 88.41 0.89 7.20 1.18 88.41
YFCB Yonkers Financial Corporation 14.02 14.02 0.00 12.05 14.37 32.08 0.81 96.05 0.48 3.46 0.78 72.05
YFED York Financial Corp. 8.85 8.85 0.00 7.69 9.45 12.29 0.16 437.40 1.30 14.72 0.69 23.98
----------------------------------------------------------------------------------------------------
Average 12.50 12.28 2.89 11.01 13.16 22.57 0.82 174.37 0.70 7.98 0.91 130.38
</TABLE>
<TABLE>
<CAPTION>
Profitability
as of The Most
Recent Quarter
-----------------
Return Return
on Avg on Avg
Assets Equity
Ticker Short Name (%) (%)
- ----------------------------- ------- ---------
<S> <C> <C> <C>
WEFC Wells Financial Corp. 1.09 7.68
WEHO Westwood Homestead Fin. Corp. 0.56 1.97
WES Westcorp 0.96 10.59
WFI Winton Financial Corp. 1.10 15.34
WFSG Wilshire Financial Services 1.78 31.44
WFSL Washington Federal Inc. 1.93 15.60
WHGB WHG Bancshares Corp. 0.93 4.37
WOFC Western Ohio Financial Corp. 0.06 0.44
WRNB Warren Bancorp Inc. 1.90 17.92
WSB Washington Savings Bank, FSB 0.82 9.86
WSFS WSFS Financial Corp. 1.15 20.84
WSTR WesterFed Financial Corp. 0.73 6.84
WVFC WVS Financial Corp. 1.29 11.09
WWFC Westwood Financial Corp. 0.43 4.69
WYNE Wayne Bancorp Inc. 0.76 5.57
YFCB Yonkers Financial Corporation 1.00 6.94
YFED York Financial Corp. 0.83 9.65
------ -----
Average 0.90 8.97
</TABLE>
<PAGE>
Page 16 of 32
<TABLE>
<CAPTION>
Capital as of The Most Recent Quarter Asset Quality as of The Most Recent Quarter
------------------------------------------------- ----------------------------------------------
Tan- Total
gible Intan- Regula- Capital/ Re-
Equity/ gible tory Equity + Risk Re- Re- serves/
Equity/ Tang Assets/ Core Reserves/ Aquired NPLs/ serves/ NPAs/ NPAs/ serves/ NPAS
Assets Assets Equity Assets Assets Assets Loans NPLs Assets Equity Loans + 90
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
- ----------------------------- ------------------------------------------------------------------------------------------------
Comparable Thrift Data
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ALBC Albion Banc Corp. 8.73 8.73 0.00 NA 9.12 NA 1.01 53.94 0.72 8.26 0.54 53.94
ATSB AmTrust Capital Corp. 10.93 10.83 0.98 10.50 11.66 17.60 2.70 38.11 2.20 20.12 1.03 33.49
CSBF CSB Financial Group Inc. 25.04 23.99 5.53 25.34 25.36 54.92 1.00 57.14 0.56 2.23 0.57 57.14
FCB Falmouth Bancorp Inc. 23.86 23.86 0.00 24.16 24.39 44.13 0.12 806.45 0.07 0.28 0.98 806.45
FFBI First Financial Bancorp Inc. 8.65 8.65 0.00 8.17 9.24 15.52 0.64 143.23 0.41 4.74 0.91 142.00
GLMR Gilmer Financial Svcs, Inc. 9.02 9.02 0.00 8.80 9.75 19.20 2.51 51.93 1.65 18.25 1.30 44.52
HBBI Home Building Bancorp 14.12 14.12 0.00 10.69 14.31 21.42 0.64 44.51 0.44 3.09 0.28 44.51
HHFC Harvest Home Financial Corp. 11.81 11.81 0.00 NA 11.95 NA 0.22 117.00 0.11 0.97 0.26 117.00
SOBI Sobieski Bancorp Inc. 14.78 14.78 0.00 11.20 15.01 26.80 0.16 188.68 0.13 0.85 0.31 188.68
SZB SouthFirst Bancshares Inc. 14.00 14.00 0.00 14.00 14.29 23.27 0.50 78.95 0.53 3.81 0.40 39.15
----------------------------------------------------------------------------------------------------
Average 14.09 13.98 0.65 14.11 14.51 27.86 0.95 157.99 0.68 6.26 0.66 152.69
Median 12.91 12.91 0.00 10.95 13.12 22.35 0.64 68.05 0.49 3.45 0.56 55.54
Maximum 25.04 23.99 5.53 25.34 25.36 54.92 2.70 806.45 2.20 20.12 1.30 806.45
Minimum 8.65 8.65 0.00 8.17 9.12 15.52 0.12 38.11 0.07 0.28 0.26 33.49
</TABLE>
<TABLE>
<CAPTION>
Profitability
as of The Most
Recent Quarter
-----------------
Return Return
on Avg on Avg
Assets Equity
Ticker Short Name (%) (%)
- ----------------------------- ------- ---------
Comparable Thrift Data
<S> <C> <C> <C>
ALBC Albion Banc Corp. 0.30 3.36
ATSB AmTrust Capital Corp. 0.34 3.24
CSBF CSB Financial Group Inc. 0.43 1.71
FCB Falmouth Bancorp Inc. 0.75 3.09
FFBI First Financial Bancorp Inc. (0.86) (10.59)
GLMR Gilmer Financial Svcs, Inc. (0.52) (5.64)
HBBI Home Building Bancorp 0.73 5.35
HHFC Harvest Home Financial Corp. 0.80 6.60
SOBI Sobieski Bancorp Inc. 0.60 4.00
SZB SouthFirst Bancshares Inc. 0.52 3.73
-------- ------
Average 0.31 1.49
Median 0.48 3.30
Maximum 0.80 6.60
Minimum (0.86) (10.59)
</TABLE>
<PAGE>
Page 17 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Balance Sheet Growth as of
Income Statement as of The Most Recent Quarter The Most Recent Quarter
------------------------------------------------------------------ ------------------------
Net Non- Non-
Interest Interest Interest interest interest
Net Income/ Expense/ Income Income/ Expense Effi- Over- Asset Loan Deposit
Interest Avg Avg Avg Avg Avg ciency head Growth Growth Growth
Margin Assets Assets Assets Assets Assets Ratio Ratio Rate Rate Rate
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
- ------------------------------- ----------------------------------------------------------- -----------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
%CAL California Federal Bank, a FSB 2.73 6.87 4.38 2.49 0.95 2.31 63.24 49.16 7.26 (9.37) (8.46)
%CCMD Chevy Chase Bank, FSB 4.55 7.73 3.92 3.81 4.65 7.16 80.49 56.67 0.13 (14.05) 41.61
AABC Access Anytime Bancorp Inc. 3.10 6.94 3.94 3.00 0.68 3.42 92.86 91.24 3.77 13.54 (0.89)
AADV Advantage Bancorp Inc. 3.22 7.60 4.51 3.09 0.71 2.19 54.83 44.47 7.04 (1.89) 9.06
ABBK Abington Bancorp Inc. 3.40 7.26 4.02 3.23 0.84 2.63 62.17 52.37 0.29 10.58 6.37
ABCL Alliance Bancorp Inc. 3.27 7.57 4.43 3.14 1.29 2.67 59.35 42.60 (9.42) (8.14) (8.96)
ABCW Anchor BanCorp Wisconsin 3.16 7.74 4.71 3.03 0.40 1.89 54.87 48.86 6.00 6.09 5.34
AFBC Advance Financial Bancorp 3.91 7.68 3.86 3.82 0.42 2.65 64.67 60.76 3.80 5.22 3.84
AFCB Affiliated Community Bancorp 3.32 7.51 4.28 3.23 0.15 1.64 48.61 46.24 13.99 13.60 15.70
AFED AFSALA Bancorp Inc. 3.55 6.97 3.59 3.38 0.22 2.24 62.20 59.76 18.20 8.16 21.47
AFFFZ America First Financial Fund 2.92 7.17 4.38 2.80 0.42 2.11 64.06 58.66 10.93 12.83 16.30
AHCI Ambanc Holding Co. 3.42 7.22 3.92 3.30 0.24 2.73 73.97 72.08 5.74 31.38 18.84
AHM Ahmanson & Company (H.F.) 2.66 7.16 4.60 2.56 0.53 1.72 49.73 39.24 (6.17) (0.68) (3.60)
ALBC Albion Banc Corp. 3.53 7.53 4.14 3.39 0.46 3.20 83.05 80.77 13.95 6.41 16.03
ALBK ALBANK Financial Corp. 4.01 7.44 3.64 3.81 0.35 2.33 52.43 48.05 12.74 15.89 (2.40)
AMFC AMB Financial Corp. 3.47 7.49 4.09 3.40 0.60 2.82 70.52 65.32 39.11 23.96 50.47
ANA Acadiana Bancshares Inc. 3.68 7.61 4.01 3.60 0.37 2.47 62.54 58.67 8.12 19.71 (4.51)
ANDB Andover Bancorp Inc. 3.22 7.21 4.15 3.06 0.45 1.82 49.83 42.43 9.48 22.14 1.46
ANE Alliance Bncorp of New England 3.51 7.10 3.76 3.35 0.49 2.68 66.55 61.67 6.20 10.73 8.76
ASBI Ameriana Bancorp 3.16 7.42 4.39 3.02 0.58 2.20 60.92 53.43 (4.73) 7.04 (6.28)
ASBP ASB Financial Corp. 3.30 7.70 4.44 3.25 0.23 2.18 62.45 59.78 (0.07) 10.35 (2.22)
ASFC Astoria Financial Corp. 2.69 7.08 4.49 2.59 0.18 1.36 44.91 41.01 12.52 36.31 1.27
ATSB AmTrust Capital Corp. 2.75 6.92 4.29 2.63 0.59 2.85 88.42 85.84 (14.17 (10.99)(38.23)
AVND Avondale Financial Corp. 4.43 8.82 4.67 4.15 1.30 3.83 72.51 63.93 (6.82) 0.33 15.00
BANC BankAtlantic Bancorp Inc. 3.72 7.73 4.29 3.44 0.77 3.02 69.61 62.84 16.78 6.20 (1.07)
BDJI First Federal Bancorporation 3.29 7.30 4.16 3.14 0.51 2.42 66.73 61.34 3.27 5.49 3.19
BFD BostonFed Bancorp Inc. 3.43 7.32 4.01 3.32 0.40 2.35 63.61 59.20 (6.24) 3.25 (7.97)
BFFC Big Foot Financial Corp. 3.06 6.63 3.66 2.98 0.13 2.44 78.07 77.14 NA NA NA
BFSB Bedford Bancshares Inc. 4.04 7.73 3.86 3.87 0.46 2.29 52.90 47.30 12.01 10.92 9.01
BKC American Bank of Connecticut 3.31 7.26 4.08 3.17 0.53 1.68 42.34 32.68 2.68 (9.25) 2.85
BKCT Bancorp Connecticut Inc. 3.85 7.59 3.83 3.76 0.24 2.06 51.78 48.75 (4.26) 5.08 (0.99)
BKUNA BankUnited Financial Corp. 2.23 7.32 5.18 2.14 0.22 1.49 61.18 57.19 97.45 92.92 35.37
BNKU Bank United Corp. 2.42 7.29 5.01 2.27 0.52 1.53 53.93 43.43 18.46 34.84 (0.17)
BPLS Bank Plus Corp. 2.27 7.03 4.84 2.19 0.33 1.92 71.52 67.23 43.72 NA 14.88
BSBC Branford Savings Bank 4.35 7.70 3.42 4.28 0.30 3.51 76.34 74.67 (7.91) (4.81) (6.11)
BTHL Bethel Bancorp 4.39 8.43 4.25 4.18 0.73 3.83 75.36 71.06 3.68 (5.87) (7.28)
BVCC Bay View Capital Corp. 2.92 7.81 4.98 2.83 0.33 2.12 62.97 58.70 8.53 15.82 11.62
BWFC Bank West Financial Corp. 3.03 7.42 4.56 2.86 0.63 2.62 75.09 69.63 23.59 16.60 8.98
BYFC Broadway Financial Corp. 4.49 7.60 3.26 4.34 0.50 3.86 76.99 74.31 11.73 (4.55) 14.75
CAFI Camco Financial Corp. 3.61 7.65 4.23 3.42 0.54 2.39 59.81 53.51 14.73 18.67 8.22
CAPS Capital Savings Bancorp Inc. 3.41 7.67 4.38 3.29 0.64 2.33 59.22 51.30 (0.43) 6.34 (0.10)
CASB Cascade Financial Corp. 3.33 8.45 5.23 3.21 0.42 2.34 64.06 59.33 63.38 64.71 95.53
CASH First Midwest Financial Inc. 3.23 7.68 4.56 3.13 0.37 1.95 52.89 47.29 31.76 (3.67) 10.11
CATB Catskill Financial Corp. 4.15 7.33 3.28 4.06 0.14 1.91 45.86 43.93 7.57 2.59 3.32
CBCI Calumet Bancorp Inc. 3.89 7.91 4.32 3.59 0.22 1.63 47.88 44.75 (6.62) 8.43 (9.66)
CBES CBES Bancorp Inc. 4.58 8.35 3.92 4.43 0.44 2.87 56.72 52.43 22.00 22.51 33.32
CBK Citizens First Financial Corp. 3.24 7.44 4.33 3.11 0.48 2.69 74.63 70.68 9.41 6.67 (5.73)
CBSA Coastal Bancorp Inc. 1.98 6.92 5.01 1.92 0.20 1.44 64.11 60.31 (4.66 (11.30) 8.05
CBSB Charter Financial Inc. 3.87 7.66 4.04 3.62 0.61 2.17 47.05 38.18 (1.57) 0.43 (0.83)
CCFH CCF Holding Company 4.01 7.49 3.72 3.76 0.83 5.11 111.24 113.71 63.77 63.22 32.40
CEBK Central Co-operative Bank 3.60 6.98 3.60 3.38 0.23 2.43 64.92 62.48 29.25 (0.46) 11.33
CENB Century Bancorp Inc. 3.74 7.25 3.56 3.69 0.02 1.31 35.47 35.12 1.18 14.49 0.21
CENF CENFED Financial Corp. 2.36 7.33 5.04 2.29 0.35 1.38 49.02 41.18 1.60 5.29 8.57
CFB Commercial Federal Corp. 2.50 7.45 5.03 2.42 0.88 1.73 49.58 31.16 6.23 2.45 (10.96)
CFBC Community First Banking Co. 4.52 7.91 3.59 4.32 1.02 3.76 70.44 63.45 (49.78) 15.27 (51.52)
CFCP Coastal Financial Corp. 4.03 8.05 4.23 3.82 0.71 2.71 59.21 51.60 (6.97) 17.50 18.22
CFFC Community Financial Corp. 3.73 7.83 4.18 3.65 0.39 2.05 50.66 45.35 17.93 15.83 37.49
CFNC Carolina Fincorp Inc. 4.09 7.54 3.57 3.96 0.50 2.45 54.88 49.15 9.21 11.16 13.04
CFSB CFSB Bancorp Inc. 3.11 7.47 4.43 3.04 0.64 1.83 49.45 38.9 6.87 6.21 -3.27
CFTP Community Federal Bancorp 3.40 6.87 3.65 3.22 0.18 1.75 51.64 48.94 13.24 5.50 3.00
CFX CFX Corp. 3.85 7.49 3.91 3.58 0.63 2.67 62.17 55.52 207.02 197.28 215.28
CIBI Community Investors Bancorp 3.59 7.80 4.32 3.49 0.18 2.09 56.07 53.75 8.77 14.08 6.39
CKFB CKF Bancorp Inc. 3.81 7.68 3.93 3.75 0.11 1.56 40.55 38.87 (6.21) (1.00) 4.43
CLAS Classic Bancshares Inc. 3.86 7.23 3.60 3.63 0.33 2.81 68.49 65.63 (3.13) 21.40 (5.61)
</TABLE>
<PAGE>
Page 17 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Market Data as of The Most Recent Quarter
------------------------------------------------------------
MRQ MRQ MRQ MRQ MRQ Public MRQ Tangible
Market Price Price Price Reported Publicly Rep
Value Per Share High Low Book Value Book Value
Ticker Short Name ($) ($) ($) ($) ($) ($)
- ------------------------------- ------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
%CAL California Federal Bank, a FSB NA NA NA NA NA NA
%CCMD Chevy Chase Bank, FSB NA NA NA NA NA NA
AABC Access Anytime Bancorp Inc. 12.23 7.598 8.088 5.822 7.51 7.51
AADV Advantage Bancorp Inc. 192.94 57.000 57.000 38.000 30.60 NA
ABBK Abington Bancorp Inc. 65.69 32.000 33.000 25.500 19.43 17.61
ABCL Alliance Bancorp Inc. 207.55 24.250 24.250 20.000 16.10 15.91
ABCW Anchor BanCorp Wisconsin 270.42 29.125 30.000 24.125 13.82 13.58
AFBC Advance Financial Bancorp 19.25 14.750 14.750 13.500 14.87 14.87
AFCB Affiliated Community Bancorp 184.39 28.000 30.125 23.500 17.28 17.19
AFED AFSALA Bancorp Inc. 26.91 14.625 14.813 12.563 15.92 15.92
AFFFZ America First Financial Fund 290.76 41.500 41.938 39.000 29.41 29.10
AHCI Ambanc Holding Co. 72.13 16.250 16.625 12.688 14.29 14.29
AHM Ahmanson & Company (H.F.) 5,481.80 56.813 57.563 44.938 20.17 17.14
ALBC Albion Banc Corp. 7.31 23.000 23.000 18.125 23.96 23.96
ALBK ALBANK Financial Corp. 563.16 42.250 45.875 37.125 26.69 23.51
AMFC AMB Financial Corp. 15.78 15.625 15.625 14.000 14.95 14.95
ANA Acadiana Bancshares Inc. 60.11 19.813 20.000 17.500 16.98 16.98
ANDB Andover Bancorp Inc. 194.51 36.750 36.750 29.625 20.20 20.20
ANE Alliance Bncorp of New England 27.86 16.750 18.000 13.172 10.95 10.69
ASBI Ameriana Bancorp 66.65 20.250 22.000 16.250 13.63 13.62
ASBP ASB Financial Corp. 22.52 13.375 13.375 11.750 10.30 10.30
ASFC Astoria Financial Corp. 1,126.29 50.313 50.313 45.375 29.51 24.96
ATSB AmTrust Capital Corp. 7.63 13.875 13.875 12.500 14.46 14.32
AVND Avondale Financial Corp. 55.26 17.500 17.563 13.625 13.18 13.18
BANC BankAtlantic Bancorp Inc. 301.33 15.750 16.625 12.500 7.03 5.83
BDJI First Federal Bancorporation 17.32 22.000 22.000 19.750 17.75 17.75
BFD BostonFed Bancorp Inc. 117.24 21.063 22.063 18.000 15.43 14.90
BFFC Big Foot Financial Corp. 47.11 17.375 17.875 16.000 14.97 14.97
BFSB Bedford Bancshares Inc. 31.99 23.875 23.875 19.000 17.75 17.75
BKC American Bank of Connecticut 106.41 40.250 40.250 35.750 23.22 22.38
BKCT Bancorp Connecticut Inc. 92.54 35.500 36.000 24.500 17.92 17.92
BKUNA BankUnited Financial Corp. 124.53 9.875 10.375 8.500 7.59 6.15
BNKU Bank United Corp. 1,330.96 44.250 44.250 35.875 18.94 18.51
BPLS Bank Plus Corp. 223.64 12.875 13.250 10.750 9.16 9.14
BSBC Branford Savings Bank 36.90 5.500 5.500 4.500 2.69 2.69
BTHL Bethel Bancorp 15.15 13.250 13.250 11.000 13.71 11.51
BVCC Bay View Capital Corp. 423.88 27.375 28.125 24.875 14.81 12.37
BWFC Bank West Financial Corp. 38.58 19.000 19.000 13.500 13.30 13.30
BYFC Broadway Financial Corp. 10.80 11.000 11.250 10.750 14.65 14.65
CAFI Camco Financial Corp. 73.12 17.738 17.857 16.667 14.58 13.45
CAPS Capital Savings Bancorp Inc. 33.11 17.500 17.500 15.500 11.87 11.87
CASB Cascade Financial Corp. 42.32 15.125 15.125 12.000 8.36 8.36
CASH First Midwest Financial Inc. 53.30 19.875 20.250 16.250 16.11 14.31
CATB Catskill Financial Corp. 80.92 16.875 17.250 15.250 15.41 15.41
CBCI Calumet Bancorp Inc. 101.32 46.250 47.375 37.250 37.52 37.52
CBES CBES Bancorp Inc. 20.37 20.500 20.500 17.125 17.60 17.60
CBK Citizens First Financial Corp. 46.83 18.375 18.563 15.375 16.30 16.30
CBSA Coastal Bancorp Inc. 148.21 32.250 33.250 29.000 20.13 16.92
CBSB Charter Financial Inc. 90.27 17.750 18.000 16.750 13.71 12.13
CCFH CCF Holding Company 16.81 16.500 16.750 15.750 14.36 14.36
CEBK Central Co-operative Bank 50.11 18.000 18.500 15.875 17.40 15.57
CENB Century Bancorp Inc. 34.22 77.500 80.250 69.750 75.05 75.05
CENF CENFED Financial Corp. 227.95 35.938 36.875 32.500 21.51 21.48
CFB Commercial Federal Corp. 1,027.83 47.125 48.188 37.625 20.59 18.43
CFBC Community First Banking Co. 92.02 37.750 37.750 31.875 29.10 NA
CFCP Coastal Financial Corp. 111.52 22.875 27.750 22.875 6.97 6.97
CFFC Community Financial Corp. 29.69 21.500 23.250 21.500 18.99 18.99
CFNC Carolina Fincorp Inc. 32.17 17.500 17.875 15.000 13.92 13.92
CFSB CFSB Bancorp Inc. 165.74 28.875 31 23.25 13.03 13.03
CFTP Community Federal Bancorp 77.53 17.750 18.500 17.250 13.40 13.40
CFX CFX Corp. 629.40 21.438 21.438 18.813 10.25 9.88
CIBI Community Investors Bancorp 13.76 15.250 16.000 12.750 12.09 12.09
CKFB CKF Bancorp Inc. 16.26 19.000 20.000 19.000 16.91 16.91
CLAS Classic Bancshares Inc. 20.47 14.000 14.750 12.250 14.87 12.57
</TABLE>
<PAGE>
Page 18 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Balance Sheet Growth as of
Income Statement as of The Most Recent Quarter The Most Recent Quarter
------------------------------------------------------------------ ------------------------
Net Non- Non-
Interest Interest Interest interest interest
Net Income/ Expense/ Income Income/ Expense Effi- Over- Asset Loan Deposit
Interest Avg Avg Avg Avg Avg ciency head Growth Growth Growth
Margin Assets Assets Assets Assets Assets Ratio Ratio Rate Rate Rate
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
- ------------------------------- ----------------------------------------------------------- -----------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CMRN Cameron Financial Corp 4.08 8.00 4.10 3.90 0.09 1.84 46.10 44.87 21.07 17.08 0.59
CMSB Commonwealth Bancorp Inc. 3.32 6.95 3.85 3.10 0.71 3.00 72.02 65.59 (1.90) 16.65 2.53
CMSV Community Savings Bnkshrs(MHC) 3.53 7.33 4.00 3.33 0.52 2.83 73.86 69.80 5.39 8.63 2.78
CNIT CENIT Bancorp Inc. 3.27 7.34 4.26 3.08 0.69 2.27 59.31 50.25 (4.42) 2.01 (0.89)
CNSB CNS Bancorp Inc. 3.62 7.22 3.77 3.45 0.18 2.26 62.43 60.47 (3.82) 15.74 (1.68)
CNY Carver Bancorp Inc. 3.39 6.89 3.69 3.20 0.34 2.80 77.42 75.02 1.72 NA 0.44
COFI Charter One Financial 2.71 7.36 4.72 2.64 0.53 1.28 39.52 27.45 17.50 33.96 8.39
CONE Conestoga Bancorp, Inc. 2.84 6.42 3.68 2.73 0.16 2.05 70.85 69.16 4.86 (4.86) 5.85
COOP Cooperative Bankshares Inc. 3.00 7.42 4.52 2.90 0.18 2.07 66.84 64.79 8.05 9.32 8.59
CRZY Crazy Woman Creek Bancorp 3.71 7.37 3.73 3.64 0.13 1.75 46.48 44.58 17.16 0.98 7.49
CSA Coast Savings Financial 2.79 7.08 4.61 2.48 0.55 1.66 52.64 42.03 (2.74) (0.03) 2.06
CSBF CSB Financial Group Inc. 3.40 6.68 3.40 3.28 0.19 2.58 70.71 69.02 7.07 (4.82) 6.29
CTZN CitFed Bancorp Inc. 2.29 6.94 4.76 2.18 1.06 1.91 56.14 34.78 25.44 41.87 18.96
CVAL Chester Valley Bancorp Inc. 3.83 7.80 4.05 3.75 0.43 2.64 63.09 58.87 (1.67) 8.91 1.99
DCBI Delphos Citizens Bancorp Inc. 3.87 7.35 3.52 3.83 0.29 1.50 36.37 31.55 2.35 24.22 7.60
DIBK Dime Financial Corp. 3.26 7.30 4.10 3.20 0.24 1.50 43.16 38.92 21.80 (9.75) 19.41
DIME Dime Community Bancorp Inc. 3.76 7.36 3.78 3.58 0.28 2.00 46.99 42.82 21.39 26.73 14.25
DME Dime Bancorp Inc. 2.47 6.94 4.56 2.38 0.44 1.46 50.94 41.88 (13.41) 27.77 1.71
DNFC D & N Financial Corp. 3.10 7.78 4.75 3.03 0.41 2.14 61.65 56.42 36.11 44.09 4.91
DSL Downey Financial Corp. 2.64 7.43 4.88 2.56 0.25 1.55 60.36 56.50 (2.15) (7.52) 13.10
EBSI Eagle Bancshares 4.15 8.39 4.55 3.85 1.55 3.96 75.30 65.37 11.95 15.22 15.34
EFBC Empire Federal Bancorp Inc. 4.46 7.13 2.75 4.38 0.65 2.40 47.65 39.83 2.33 7.50 (7.96)
EFBI Enterprise Federal Bancorp 3.00 7.87 4.92 2.95 0.07 2.00 65.91 65.09 17.19 18.01 1.15
EGFC Eagle Financial Corp. 3.23 7.04 3.96 3.08 0.36 2.01 52.37 46.79 16.65 (0.06) (9.28)
EGLB Eagle BancGroup Inc. 2.49 7.23 4.81 2.42 0.24 2.27 85.85 84.46 (4.93) 13.00 1.09
EIRE Emerald Isle Bancorp Inc. 3.48 7.69 4.30 3.39 0.23 2.21 60.64 57.94 17.40 31.60 2.77
EMLD Emerald Financial Corp. 2.84 7.59 4.81 2.78 0.32 1.52 48.30 42.33 0.27 13.89 0.41
EQSB Equitable Federal Savings Bank 2.38 7.22 4.91 2.31 0.52 1.75 60.61 51.69 16.48 19.84 9.65
ESBK Elmira Savings Bank (The) 3.72 7.58 4.07 3.51 0.70 3.32 75.95 71.18 0.77 6.64 0.01
ESX Essex Bancorp Inc. 3.14 7.90 4.94 2.96 1.29 3.63 75.22 64.40 22.58 3.74 26.28
ETFS East Texas Financial Services 3.06 6.97 3.96 3.01 0.23 2.20 68.06 65.60 3.61 21.39 (2.18)
FAB FirstFed America Bancorp Inc. 3.06 7.24 4.33 2.91 0.46 2.01 59.55 53.16 5.95 6.07 (10.19)
FBBC First Bell Bancorp Inc. 2.34 7.13 4.82 2.31 0.07 0.72 29.94 27.67 (18.56) (1.96) (2.95)
FBCI Fidelity Bancorp Inc. 2.96 7.36 4.46 2.90 0.23 1.79 56.71 53.22 6.55 7.48 (14.20)
FBCV 1ST Bancorp 2.49 7.49 5.12 2.38 0.44 1.85 63.00 56.08 (14.13) 9.25 (26.20)
FBER 1st Bergen Bancorp 3.33 7.16 3.95 3.21 0.11 2.09 61.81 60.48 (0.04) 2.65 2.30
FBHC Fort Bend Holding Corp. 3.22 6.95 3.90 3.05 1.73 3.99 83.15 73.60 0.94 (29.79) 0.75
FBNW FirstBank Corp. 4.04 7.95 4.12 3.83 0.78 4.06 88.21 85.82 47.92 43.49 17.03
FBSI First Bancshares Inc. 3.48 7.68 4.36 3.32 0.29 1.79 51.58 47.37 (2.97) 8.23 8.27
FCB Falmouth Bancorp Inc. 3.70 6.64 3.03 3.61 0.12 2.63 70.61 69.65 16.17 34.42 17.43
FCBF FCB Financial Corp. 3.24 7.53 4.34 3.19 0.40 1.78 49.61 43.31 (2.44) (0.56) (1.36)
FCME First Coastal Corp. 4.26 7.98 4.04 3.94 0.46 3.33 74.02 70.97 (10.01) 8.29 (3.78)
FDEF First Defiance Financial 4.18 7.90 3.91 3.99 0.23 2.44 56.72 54.21 16.04 3.77 0.63
FED FirstFed Financial Corp. 2.38 7.34 5.04 2.30 0.23 1.04 40.54 34.48 -8.45 4.52 0.28
FESX First Essex Bancorp Inc. 3.18 7.52 4.49 3.02 0.23 1.79 53.06 49.51 (11.47) 4.91 6.43
FFBA First Colorado Bancorp Inc. 3.32 7.21 4.02 3.19 0.37 1.71 48.76 42.89 0.73 6.75 1.15
FFBH First Federal Bancshares of AR 3.06 7.56 4.55 3.01 0.27 1.75 53.55 49.45 8.91 8.74 6.20
FFBI First Financial Bancorp Inc. 3.08 7.42 4.44 2.97 0.60 2.99 83.79 80.54 (37.0( 100.44) 4.34
FFBS FFBS BanCorp Inc. 3.62 7.61 4.05 3.56 0.51 1.87 46.01 38.29 12.82 10.63 7.48
FFBZ First Federal Bancorp Inc. 3.96 7.71 4.14 3.58 0.54 2.47 60.34 54.36 19.98 12.90 1.72
FFCH First Financial Holdings Inc. 3.05 7.47 4.54 2.93 0.73 2.18 58.98 48.74 10.98 8.21 0.01
FFDB FirstFed Bancorp Inc. 3.68 7.64 4.10 3.54 0.48 2.45 59.44 53.97 (0.15) (6.25) 3.36
FFDF FFD Financial Corp. 3.46 7.10 3.69 3.41 0.05 1.93 55.63 54.92 1.00 23.71 1.33
FFED Fidelity Federal Bancorp 2.88 8.17 5.49 2.68 1.31 2.76 69.05 53.87 (7.77 (12.53) (4.66)
FFES First Federal of East Hartford 2.28 6.76 4.54 2.22 0.16 1.39 58.33 55.25 1.55 15.63 (5.73)
FFFC FFVA Financial Corp. 3.80 7.86 4.17 3.69 0.26 1.75 43.84 39.83 6.00 (1.87) 4.07
FFFD North Central Bancshares Inc. 4.01 7.68 3.79 3.88 1.11 2.08 41.66 24.98 4.25 20.02 8.80
FFFL Fidelity Bankshares Inc. (MHC) 3.31 7.26 4.13 3.13 0.41 2.49 68.67 64.53 31.24 27.45 19.20
FFHH FSF Financial Corp. 2.93 7.40 4.54 2.87 0.42 1.78 54.03 47.29 10.47 23.12 2.42
FFHS First Franklin Corp. 2.61 7.27 4.73 2.54 0.20 1.74 63.03 60.14 7.48 (4.65) 7.35
FFIC Flushing Financial Corp. 3.81 7.68 4.04 3.64 0.36 2.22 54.54 50.06 46.56 84.34 35.89
FFKY First Federal Financial Corp. 4.15 7.92 4.03 3.89 0.66 2.01 42.86 33.23 5.52 7.52 5.13
FFLC FFLC Bancorp Inc. 3.46 7.56 4.21 3.34 0.24 1.99 55.71 52.57 (3.84) 32.25 7.29
FFOH Fidelity Financial of Ohio 3.07 7.33 4.38 2.95 0.22 1.78 51.83 48.19 3.02 8.18 (7.12)
</TABLE>
<PAGE>
Page 18 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Market Data as of The Most Recent Quarter
------------------------------------------------------------
MRQ MRQ MRQ MRQ MRQ Public MRQ Tangible
Market Price Price Price Reported Publicly Rep
Value Per Share High Low Book Value Book Value
Ticker Short Name ($) ($) ($) ($) ($) ($)
- ------------------------------- ------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
CMRN Cameron Financial Corp 49.96 18.000 18.000 15.875 17.18 17.18
CMSB Commonwealth Bancorp Inc. 300.49 18.000 19.500 15.750 13.02 10.15
CMSV Community Savings Bnkshrs(MHC) 178.32 36.250 36.875 22.000 16.22 16.22
CNIT CENIT Bancorp Inc. 110.02 61.750 61.750 48.500 31.01 28.40
CNSB CNS Bancorp Inc. 29.55 17.750 18.500 16.000 14.34 14.34
CNY Carver Bancorp Inc. 30.66 12.625 13.375 11.625 15.08 14.50
COFI Charter One Financial 2,818.90 56.310 57.262 49.524 21.63 19.87
CONE Conestoga Bancorp, Inc. NA 20.625 20.780 20.125 17.58 17.58
COOP Cooperative Bankshares Inc. 50.72 17.000 17.000 10.625 9.27 9.27
CRZY Crazy Woman Creek Bancorp 14.56 13.500 13.750 13.000 14.68 14.68
CSA Coast Savings Financial 1,093.43 52.438 52.750 44.438 25.21 24.92
CSBF CSB Financial Group Inc. 11.71 12.000 12.500 11.000 12.99 12.27
CTZN CitFed Bancorp Inc. 434.97 50.625 50.750 37.625 23.88 21.70
CVAL Chester Valley Bancorp Inc. 57.20 23.000 23.000 19.286 12.89 12.89
DCBI Delphos Citizens Bancorp Inc. 34.78 17.250 17.500 14.750 14.65 14.65
DIBK Dime Financial Corp. 156.15 31.250 31.750 25.375 14.54 14.12
DIME Dime Community Bancorp Inc. 282.48 20.375 20.375 18.563 14.81 12.76
DME Dime Bancorp Inc. 2,366.08 21.063 21.750 17.000 10.38 9.88
DNFC D & N Financial Corp. 197.86 21.125 21.500 18.625 11.18 11.07
DSL Downey Financial Corp. 698.95 24.375 24.375 21.500 15.61 15.41
EBSI Eagle Bancshares 104.70 17.875 17.922 15.250 12.45 12.45
EFBC Empire Federal Bancorp Inc. 41.80 14.375 14.625 12.500 15.65 15.65
EFBI Enterprise Federal Bancorp 51.11 23.750 25.125 18.000 16.08 16.07
EGFC Eagle Financial Corp. 312.64 40.000 40.250 30.750 22.91 18.23
EGLB Eagle BancGroup Inc. 23.20 17.625 17.625 15.500 17.03 17.03
EIRE Emerald Isle Bancorp Inc. 71.71 24.750 25.875 19.000 13.78 13.78
EMLD Emerald Financial Corp. 96.36 16.250 16.250 13.375 9.28 9.14
EQSB Equitable Federal Savings Bank 26.20 37.000 38.500 33.250 25.80 25.80
ESBK Elmira Savings Bank (The) 20.66 29.750 29.750 19.500 21.07 20.52
ESX Essex Bancorp Inc. 5.29 1.000 1.625 1.000 0.49 0.31
ETFS East Texas Financial Services 19.87 18.000 18.375 16.875 19.97 19.97
FAB FirstFed America Bancorp Inc. 174.14 21.875 22.125 17.625 15.63 15.63
FBBC First Bell Bancorp Inc. 110.68 17.375 17.375 15.625 11.02 11.02
FBCI Fidelity Bancorp Inc. 67.78 25.375 25.375 18.563 18.66 18.62
FBCV 1ST Bancorp 25.77 36.000 41.000 29.000 32.63 32.01
FBER 1st Bergen Bancorp 54.07 18.375 19.500 15.250 13.57 13.57
FBHC Fort Bend Holding Corp. 32.45 20.000 20.125 14.625 11.88 11.09
FBNW FirstBank Corp. 33.48 NA NA NA NA NA
FBSI First Bancshares Inc. 27.59 23.000 25.250 20.000 20.74 20.74
FCB Falmouth Bancorp Inc. 28.37 16.500 16.500 13.250 15.40 15.40
FCBF FCB Financial Corp. 106.68 27.000 28.000 25.500 18.72 18.72
FCME First Coastal Corp. 18.35 13.125 13.188 9.250 10.66 10.66
FDEF First Defiance Financial 137.71 15.750 15.938 14.500 12.61 12.61
FED FirstFed Financial Corp. 372.47 34.125 34.875 30.75 20.01 19.81
FESX First Essex Bancorp Inc. 148.65 20.375 20.500 16.500 11.90 10.41
FFBA First Colorado Bancorp Inc. 348.40 21.500 21.500 17.375 12.00 11.84
FFBH First Federal Bancshares of AR 104.04 21.313 21.625 20.375 16.64 16.64
FFBI First Financial Bancorp Inc. 7.89 18.125 18.750 15.500 17.62 17.62
FFBS FFBS BanCorp Inc. 36.16 21.250 26.000 21.000 15.07 15.07
FFBZ First Federal Bancorp Inc. 30.26 18.250 19.000 17.000 8.81 8.80
FFCH First Financial Holdings Inc. 267.47 37.875 39.250 30.000 16.45 16.45
FFDB FirstFed Bancorp Inc. 25.32 17.750 18.281 16.531 14.77 13.52
FFDF FFD Financial Corp. 26.01 16.500 16.500 14.125 14.86 14.86
FFED Fidelity Federal Bancorp 27.21 9.000 9.750 8.375 5.15 5.15
FFES First Federal of East Hartford 95.56 36.500 36.750 29.000 24.40 24.40
FFFC FFVA Financial Corp. 152.68 31.625 33.000 26.250 17.84 17.48
FFFD North Central Bancshares Inc. 60.43 18.000 18.000 15.750 15.13 15.13
FFFL Fidelity Bankshares Inc. (MHC) 186.20 19.750 20.250 18.750 12.36 12.27
FFHH FSF Financial Corp. 57.18 19.625 21.000 17.375 16.24 16.24
FFHS First Franklin Corp. 28.91 23.500 23.750 19.750 17.49 17.39
FFIC Flushing Financial Corp. 173.64 24.000 24.000 20.000 17.08 16.40
FFKY First Federal Financial Corp. 90.18 21.875 23.000 20.750 12.60 11.89
FFLC FFLC Bancorp Inc. 77.65 30.750 32.250 27.250 22.88 22.88
FFOH Fidelity Financial of Ohio 80.91 16.000 16.375 14.625 12.34 10.94
</TABLE>
<PAGE>
Page 19 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Balance Sheet Growth as of
Income Statement as of The Most Recent Quarter The Most Recent Quarter
------------------------------------------------------------------ ------------------------
Net Non- Non-
Interest Interest Interest interest interest
Net Income/ Expense/ Income Income/ Expense Effi- Over- Asset Loan Deposit
Interest Avg Avg Avg Avg Avg ciency head Growth Growth Growth
Margin Assets Assets Assets Assets Assets Ratio Ratio Rate Rate Rate
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
- ------------------------------- ----------------------------------------------------------- -----------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FFPB First Palm Beach Bancorp Inc. 2.62 7.33 4.81 2.52 0.41 1.95 70.04 65.17 34.09 8.46 0.65
FFSL First Independence Corp. 2.75 7.36 4.66 2.70 0.26 1.75 63.89 60.45 5.94 11.18 10.52
FFSX First Fed SB of Siouxland(MHC) 3.05 7.39 4.49 2.90 0.54 2.29 66.44 60.16 (10.00) 5.03 (2.86)
FFWC FFW Corp. 3.30 7.74 4.55 3.19 0.48 2.01 52.29 45.08 3.14 20.08 (4.06)
FFWD Wood Bancorp Inc. 4.33 8.20 4.02 4.18 0.27 2.32 52.04 48.90 6.35 14.40 9.73
FFYF FFY Financial Corp. 3.70 7.83 4.24 3.59 0.18 1.81 47.91 45.25 7.83 2.04 (1.05)
FGHC First Georgia Holding Inc. 4.31 8.37 4.45 3.92 0.79 3.11 64.51 57.32 25.26 18.60 19.25
FIBC Financial Bancorp Inc. 3.80 7.39 3.80 3.59 0.25 1.91 49.62 46.05 20.49 0.25 7.67
FISB First Indiana Corporation 4.49 8.60 4.30 4.31 0.78 2.75 54.56 46.37 6.93 8.27 0.23
FKFS First Keystone Financial 3.41 7.42 4.12 3.29 0.31 2.26 62.98 59.49 65.63 13.91 (1.45)
FKKY Frankfort First Bancorp Inc. 3.04 7.26 4.30 2.97 0.04 1.28 42.77 42.07 3.69 8.44 (4.28)
FLAG FLAG Financial Corp. 3.68 7.38 4.04 3.34 1.26 3.38 72.44 62.07 (0.26) 8.16 (4.65)
FLFC First Liberty Financial Corp. 3.92 7.88 4.31 3.58 0.81 2.67 58.06 48.52 13.10 6.61 32.78
FLGS Flagstar Bancorp Inc. 2.43 6.98 4.78 2.21 3.47 3.14 54.07 (18.22) 109.50 108.28 47.45
FLKY First Lancaster Bancshares 4.69 8.37 3.73 4.63 0.00 2.89 62.38 62.38 40.89 45.61 5.95
FMBD First Mutual Bancorp Inc. 3.08 7.09 4.25 2.84 0.38 2.76 80.41 77.80 (14.66) 2.61 (8.12)
FMCO FMS Financial Corp. 3.77 7.28 3.68 3.60 0.44 2.36 55.93 50.50 0.96 (2.82) 0.56
FMSB First Mutual Savings Bank 9.13 8.45 4.81 3.64 0.35 2.17 54.48 50.06 17.67 7.59 27.70
FNGB First Northern Capital Corp. 3.24 7.33 4.20 3.12 0.44 2.02 56.71 50.62 11.93 13.01 0.38
FOBC Fed One Bancorp 3.35 7.30 4.06 3.24 0.16 2.01 57.03 54.89 1.12 22.05 (4.03)
FPRY First Financial Bancorp 3.15 7.62 4.63 2.98 0.52 2.92 82.09 78.98 15.07 16.41 12.26
FSBI Fidelity Bancorp Inc. 3.02 6.91 3.97 2.93 0.24 1.86 58.61 55.27 43.19 50.26 6.78
FSFC First Southeast Financial Corp 3.25 7.58 4.44 3.14 0.33 1.71 50.03 44.86 1.73 4.33 0.10
FSFF First SecurityFed Financial NA NA NA NA NA NA NA NA NA NA NA
FSLA First Savings Bank (MHC) 3.23 7.10 4.02 3.09 0.21 1.80 52.47 49.20 4.53 15.41 (2.81)
FSNJ Bayonne Bancshares Inc. 2.48 6.71 4.28 2.43 0.26 1.76 65.61 61.90 17.47 (4.47) (1.22)
FSPG First Home Bancorp Inc. 2.99 7.56 4.65 2.92 0.18 1.72 54.09 51.25 2.06 12.24 18.86
FSPT FirstSpartan Financial Corp. 4.27 7.59 3.47 4.13 0.36 1.78 39.76 34.47 (110.08 )18.24 (8.78)
FSSB First FS&LA of San Bernardino 3.67 7.74 4.33 3.41 0.89 4.27 100.81 101.02 12.49 (10.05) 13.89
FSTC First Citizens Corp. 4.56 7.90 3.57 4.33 0.66 (0.81) 61.28 55.39 15.31 16.76 15.97
FTF Texarkana First Financial Corp 4.02 8.01 4.09 3.92 0.45 1.39 32.33 24.60 7.77 13.50 4.02
FTFC First Federal Capital Corp. 3.07 7.51 4.61 2.90 1.19 2.58 63.31 48.24 (3.13) 9.61 22.87
FTNB Fulton Bancorp Inc. 3.84 7.43 3.65 3.78 0.38 2.09 50.39 45.44 4.40 17.75 2.46
FTSB Fort Thomas Financial Corp. 4.26 8.53 4.46 4.07 0.28 2.20 50.57 47.21 3.73 9.65 8.41
FWWB First SB of Washington Bancorp 3.67 7.85 4.33 3.52 0.31 1.90 47.52 42.89 9.10 13.79 12.25
GAF GA Financial Inc. 3.54 7.34 3.90 3.45 0.32 1.95 51.11 46.59 28.04 33.72 (1.62)
GBCI Glacier Bancorp Inc. 4.74 7.85 3.54 4.32 1.49 3.11 53.15 37.03 4.48 6.6 20.71
GDVS Greater Delaware Valley (MHC) 3.53 7.21 3.80 3.41 0.23 2.25 62.98 60.50 7.21 (0.77) 9.97
GDW Golden West Financial 2.33 7.32 5.05 2.26 0.19 0.85 34.58 29.12 1.36 11.32 3.30
GFCO Glenway Financial Corp. 3.20 7.53 4.44 3.09 0.33 1.98 56.59 52.01 8.58 14.75 5.56
GFED Guaranty Federal SB (MHC) 3.55 7.78 4.39 3.39 0.32 2.13 57.50 53.55 7.00 19.64 14.19
GFSB GFS Bancorp Inc. 3.52 8.16 4.67 3.49 0.21 1.67 45.19 41.89 10.57 7.90 14.74
GLMR Gilmer Financial Svcs, Inc. 2.39 7.78 5.43 2.35 0.34 2.41 89.32 87.80 7.45 2.51 20.03
GOSB GSB Financial Corp. 2.89 5.52 2.72 2.81 0.20 2.31 76.75 75.06 246.95 NA 67.93
GPT GreenPoint Financial Corp. 3.78 7.44 3.91 3.53 0.35 2.00 42.55 36.86 (6.20) 17.05 (5.05)
GSB Golden State Bancorp Inc. 2.74 7.11 4.52 2.59 0.61 1.79 54.13 43.36 5.28 5.71 (0.77)
GSBC Great Southern Bancorp Inc. 4.15 8.43 4.35 4.07 1.30 2.77 52.53 37.43 11.13 14.23 19.41
GSFC Green Street Financial Corp. 4.39 7.51 3.13 4.37 0.05 1.70 38.49 37.73 7.69 5.34 15.54
GSLA GS Financial Corp. 4.85 7.18 2.52 4.67 0.02 1.97 42.04 41.85 25.40 17.07 (11.45)
GTFN Great Financial Corp. 3.03 7.42 4.58 2.84 0.88 2.40 63.75 52.53 (20.05) (7.29) 5.44
GTPS Great American Bancorp 4.37 7.47 3.36 4.10 0.51 3.39 73.61 70.33 7.57 37.38 12.08
GUPB GFSB Bancorp Inc. 3.16 7.31 4.18 3.13 0.06 1.67 52.36 51.42 31.67 61.97 18.72
GWBC Gateway Bancorp Inc. 3.37 6.91 3.58 3.33 0.01 1.80 53.69 53.52 (11.96) 19.83 (16.87)
HALL Hallmark Capital Corp. 2.55 7.72 5.24 2.48 0.21 1.52 56.69 53.04 8.44 12.46 (0.44)
HARB Harbor Florida Bancorp (MHC) 3.72 7.79 4.17 3.62 0.40 1.88 47.35 41.47 5.12 7.62 2.95
HARL Harleysville Savings Bank 2.74 7.40 4.72 2.68 0.13 1.26 45.09 42.45 10.19 2.25 1.30
HARS Harris Financial Inc. (MHC) 2.48 7.16 4.76 2.40 0.55 1.69 54.77 44.44 12.91 6.28 (11.82)
HAVN Haven Bancorp Inc. 3.06 7.17 4.26 2.91 0.71 2.61 71.35 64.38 11.62 33.69 24.01
HBBI Home Building Bancorp 3.53 7.58 4.16 3.43 0.26 2.42 65.74 63.11 (29.45) 4.92 (41.96)
HBEI Home Bancorp of Elgin Inc. 4.19 7.13 3.08 4.05 0.30 3.17 72.86 70.88 (11.41) 15.97 (6.53)
HBFW Home Bancorp 2.95 7.44 4.56 2.89 0.08 1.41 47.51 46.08 8.63 17.84 12.85
HBNK Highland Federal Bank FSB 4.10 8.75 4.93 3.82 0.30 1.97 43.12 38.63 9.21 13.94 (23.83)
HBS Haywood Bancshares Inc. 3.18 7.29 4.25 3.04 0.29 0.10 60.82 57.12 6.33 10.40 5.12
HCBB HCB Bancshares Inc. 3.15 7.37 4.33 3.03 0.13 2.87 89.66 89.20 44.23 9.67 (9.25)
</TABLE>
<PAGE>
Page 19 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Market Data as of The Most Recent Quarter
------------------------------------------------------------
MRQ MRQ MRQ MRQ MRQ Public MRQ Tangible
Market Price Price Price Reported Publicly Rep
Value Per Share High Low Book Value Book Value
Ticker Short Name ($) ($) ($) ($) ($) ($)
- ------------------------------- ------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
FFPB First Palm Beach Bancorp Inc. 197.49 34.813 35.000 30.250 22.39 21.87
FFSL First Independence Corp. 14.67 14.750 14.750 11.500 11.78 11.78
FFSX First Fed SB of Siouxland(MHC) 91.72 29.500 30.750 22.000 14.08 13.97
FFWC FFW Corp. 23.59 30.500 31.750 26.125 24.64 22.36
FFWD Wood Bancorp Inc. 39.22 17.000 18.000 11.709 9.77 9.77
FFYF FFY Financial Corp. 123.44 27.875 28.250 25.500 20.30 20.30
FGHC First Georgia Holding Inc. 25.18 7.750 8.250 7.000 4.21 3.86
FIBC Financial Bancorp Inc. 40.39 22.500 23.938 18.125 15.71 15.64
FISB First Indiana Corporation 260.07 23.750 26.000 20.500 14.12 13.95
FKFS First Keystone Financial 39.46 32.250 33.250 23.125 20.15 20.15
FKKY Frankfort First Bancorp Inc. 31.98 10.125 11.125 8.500 6.84 6.84
FLAG FLAG Financial Corp. 35.36 14.375 14.375 11.750 10.44 10.44
FLFC First Liberty Financial Corp. 206.79 21.500 22.500 21.000 12.30 11.09
FLGS Flagstar Bancorp Inc. 254.60 20.750 21.500 16.000 8.89 8.54
FLKY First Lancaster Bancshares 15.19 16.000 16.000 15.250 14.62 14.62
FMBD First Mutual Bancorp Inc. 69.26 18.500 18.500 15.000 16.77 12.78
FMCO FMS Financial Corp. 68.35 23.500 25.500 18.750 15.24 14.97
FMSB First Mutual Savings Bank 72.19 17.833 18.250 11.500 7.53 7.53
FNGB First Northern Capital Corp. 119.34 13.625 14.000 11.000 8.24 8.24
FOBC Fed One Bancorp 59.34 25.500 26.750 20.000 17.45 16.68
FPRY First Financial Bancorp NA 20.750 21.125 20.250 17.07 17.07
FSBI Fidelity Bancorp Inc. 37.20 20.250 21.500 18.409 15.83 15.83
FSFC First Southeast Financial Corp 68.84 16.063 16.063 13.438 8.2 8.2
FSFF First SecurityFed Financial 97.72 NA NA NA NA NA
FSLA First Savings Bank (MHC) 312.70 32.273 32.273 24.773 12.39 11.26
FSNJ Bayonne Bancshares Inc. 107.92 9.206 9.206 7.927 NA NA
FSPG First Home Bancorp Inc. 62.97 22.000 22.375 18.875 13.31 13.11
FSPT FirstSpartan Financial Corp. 166.14 38.750 39.000 35.000 29.17 29.17
FSSB First FS&LA of San Bernardino 3.16 9.750 10.500 9.000 13.68 13.18
FSTC First Citizens Corp. 70.8 26.375 27.000 23.250 17.99 13.99
FTF Texarkana First Financial Corp 44.76 19.500 19.500 15.625 15.03 15.03
FTFC First Federal Capital Corp. 244.02 29.000 29.000 23.000 11.46 10.80
FTNB Fulton Bancorp Inc. 33.96 20.125 20.125 17.500 14.69 14.69
FTSB Fort Thomas Financial Corp. 20.93 13.125 13.125 10.375 10.56 10.56
FWWB First SB of Washington Bancorp 241.76 24.750 24.875 21.625 15.83 14.62
GAF GA Financial Inc. 153.48 18.625 19.000 16.500 14.72 14.58
GBCI Glacier Bancorp Inc. 141.48 18.875 19.5 17.75 8.41 8.2
GDVS Greater Delaware Valley (MHC) 102.27 25.250 25.250 15.125 8.85 8.85
GDW Golden West Financial 4,790.01 89.750 90.938 71.813 45.36 45.36
GFCO Glenway Financial Corp. 34.22 30.000 30.500 23.000 24.34 24.05
GFED Guaranty Federal SB (MHC) 76.56 16.750 20.500 12.375 8.80 8.80
GFSB GFS Bancorp Inc. 16.74 15.000 15.500 13.375 11.01 11.01
GLMR Gilmer Financial Svcs, Inc. 2.70 11.000 12.000 11.000 19.88 19.88
GOSB GSB Financial Corp. 34.00 NA NA NA NA NA
GPT GreenPoint Financial Corp. 2,778.34 63.375 66.000 58.688 33.65 18.04
GSB Golden State Bancorp Inc. 1,630.37 29.875 31.500 26.750 16.16 14.46
GSBC Great Southern Bancorp Inc. 173.73 19.000 19.500 16.000 7.79 7.79
GSFC Green Street Financial Corp. 75.75 20.750 20.750 17.125 14.64 14.64
GSLA GS Financial Corp. 59.31 16.375 16.375 14.875 16.44 16.44
GTFN Great Financial Corp. 615.14 42.625 42.875 32.875 21.08 20.23
GTPS Great American Bancorp 33.09 19.250 19.250 16.500 18.44 18.44
GUPB GFSB Bancorp Inc. 15.04 19.000 19.000 17.125 17.41 17.41
GWBC Gateway Bancorp Inc. 21.23 17.500 17.750 14.500 16.05 16.05
HALL Hallmark Capital Corp. 40.40 25.75 26 21 21.17 21.17
HARB Harbor Florida Bancorp (MHC) 305.87 56.000 58.219 43.250 19.46 18.85
HARL Harleysville Savings Bank 49.85 26.500 27.750 21.750 13.76 13.76
HARS Harris Financial Inc. (MHC) 610.84 47.250 48.000 21.250 15.37 13.59
HAVN Haven Bancorp Inc. 175.44 42.750 43.000 35.625 25.07 24.99
HBBI Home Building Bancorp 6.62 22 23 20.5 20.43 20.43
HBEI Home Bancorp of Elgin Inc. 119.98 17.875 19.313 16.750 13.77 13.77
HBFW Home Bancorp 61.23 20.875 20.875 20.125 17.62 17.62
HBNK Highland Federal Bank FSB 73.60 31.000 31.000 25.000 17.20 17.20
HBS Haywood Bancshares Inc. 25.63 21.625 21.750 17.375 17.33 16.74
HCBB HCB Bancshares Inc. 35.71 12.875 13.250 12.625 14.27 13.73
</TABLE>
<PAGE>
Page 20 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Balance Sheet Growth as of
Income Statement as of The Most Recent Quarter The Most Recent Quarter
------------------------------------------------------------------ ------------------------
Net Non- Non-
Interest Interest Interest interest interest
Net Income/ Expense/ Income Income/ Expense Effi- Over- Asset Loan Deposit
Interest Avg Avg Avg Avg Avg ciency head Growth Growth Growth
Margin Assets Assets Assets Assets Assets Ratio Ratio Rate Rate Rate
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
- ------------------------------- ----------------------------------------------------------- -----------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
HCFC Home City Financial Corp. 4.34 8.64 4.40 4.23 0.10 2.19 50.59 49.39 0.83 26.72 11.21
HEMT HF Bancorp Inc. 2.50 7.17 4.76 2.41 0.24 2.30 71.67 68.86 26.66 34.21 8.28
HFFB Harrodsburg First Fin Bancorp 3.65 7.13 3.54 3.59 0.10 1.53 41.46 39.84 2.82 2.03 0.46
HFFC HF Financial Corp. 3.85 8.22 4.56 3.66 1.58 3.27 60.48 43.41 9.09 (0.24) 15.68
HFGI Harrington Financial Group 1.32 6.59 5.30 1.28 0.06 1.02 76.04 75.02 66.47 23.95 8.07
HFNC HFNC Financial Corp. 3.26 7.69 4.49 3.19 0.12 1.82 55.05 53.30 (11.67) 17.20 (1.38)
HFSA Hardin Bancorp Inc. 2.78 7.49 4.72 2.77 0.22 1.97 65.81 63.10 34.61 15.02 8.96
HHFC Harvest Home Financial Corp. 2.82 7.24 4.47 2.77 0.07 1.63 57.52 56.51 21.63 10.50 (3.41)
HIFS Hingham Instit. for Savings 4.05 7.83 3.90 3.92 0.27 2.05 48.89 45.41 (2.47) 3.07 2.49
HMCI HomeCorp Inc. 3.23 7.38 4.44 2.95 0.61 2.69 88.94 86.66 -5.71 -4.03 -7.25
HMLK Hemlock Federal Financial Corp 3.65 7.05 3.44 3.60 0.22 2.22 57.98 55.37 (6.42) 26.52 (1.80)
HMNF HMN Financial Inc. 2.77 7.24 4.54 2.70 0.19 1.56 54.04 50.78 1.40 9.59 1.42
HOMF Home Federal Bancorp 3.70 7.96 4.44 3.52 0.89 2.07 46.83 33.34 6.63 6.91 (1.85)
HPBC Home Port Bancorp Inc. 4.72 8.07 3.55 4.52 0.52 2.27 45.02 38.66 4.56 13.84 35.84
HRBF Harbor Federal Bancorp Inc. 3.06 7.41 4.41 3.00 0.18 1.92 60.53 58.21 1.54 5.28 2.69
HRZB Horizon Financial Corp. 3.56 7.69 4.26 3.43 0.27 1.50 40.66 35.96 9.54 11.16 8.86
HTHR Hawthorne Financial Corp. 3.80 8.84 5.14 3.70 0.61 2.15 55.06 47.63 13.01 21.92 11.61
HWEN Home Financial Bancorp 4.34 8.51 4.30 4.21 0.25 3.25 72.81 71.20 (11.28) 11.59 (4.50)
HZFS Horizon Financial Svcs Corp. 3.13 7.53 4.47 3.06 0.61 2.30 61.65 53.98 8.44 NA (9.41)
IBSF IBS Financial Corp. 3.11 7.03 4.00 3.03 0.09 2.02 64.65 63.57 0.77 14.24 1.71
IFSB Independence Federal Svgs Bank 2.64 7.18 4.71 2.47 1.02 3.12 83.64 76.86 (6.54) 6.71 (2.31)
INBI Industrial Bancorp Inc. 3.97 8.05 4.16 3.90 0.14 1.85 45.95 44.06 8.68 13.44 7.21
INCB Indiana Community Bank SB 4.37 7.74 3.50 4.25 1.07 4.06 76.34 70.37 10.39 12.66 11.08
IPSW Ipswich Savings Bank 3.45 7.14 3.85 3.29 0.54 2.34 63.29 57.26 27.73 39.93 31.45
ISBF ISB Financial Corp. 3.64 7.23 3.84 3.39 0.68 2.71 62.98 55.62 3.47 16.49 3.72
ITLA ITLA Capital Corp. 4.97 10.15 5.23 4.92 0.10 2.08 40.92 39.67 24.16 31.33 27.50
IWBK InterWest Bancorp Inc. 3.20 7.63 4.61 3.01 0.59 2.30 62.02 54.62 46.74 4.55 (0.87)
JOAC Joachim Bancorp Inc. 4.23 7.20 3.05 4.15 0.12 2.74 66.05 65.03 (8.05) 7.85 (3.53)
JSB JSB Financial Inc. 4.48 6.99 2.63 4.35 0.36 1.77 39.06 34.03 (0.01) 14.77 (3.47)
JSBA Jefferson Savings Bancorp 3.22 7.74 4.62 3.12 0.19 1.81 51.32 48.41 (1.51) 0.49 (0.69)
JXSB Jacksonville Savings Bk (MHC) 3.58 7.54 4.24 3.30 0.41 2.76 74.36 71.15 (2.65) 4.01 (3.57)
JXVL Jacksonville Bancorp Inc. 4.37 8.28 4.02 4.26 0.58 2.02 46.59 39.26 14.35 18.34 15.21
KFBI Klamath First Bancorp 3.44 7.53 4.14 3.39 0.23 2.00 51.04 47.70 138.58 15.06 247.74
KNK Kankakee Bancorp Inc. 3.21 7.25 4.19 3.07 0.46 2.34 64.47 59.10 (2.04) 6.42 (2.48)
KSAV KS Bancorp Inc. 4.00 8.26 4.47 3.80 0.15 2.02 50.98 49.03 14.38 10.66 12.52
KSBK KSB Bancorp Inc. 4.50 8.46 4.10 4.37 0.73 3.04 58.24 51.27 10.33 23.46 10.24
KYF Kentucky First Bancorp Inc. 3.42 7.28 3.94 3.34 0.20 1.79 50.45 47.50 (3.45) 3.31 (4.99)
LARK Landmark Bancshares Inc. 3.11 7.44 4.38 3.06 0.24 1.48 44.69 40.30 7.69 22.51 (16.02)
LARL Laurel Capital Group Inc. 3.67 7.46 3.85 3.61 0.35 1.68 42.45 36.87 (3.79) (2.43) (5.07)
LFBI Little Falls Bancorp Inc. 2.70 6.85 4.26 2.60 0.05 1.69 59.55 58.74 32.58 52.55 1.57
LFCO Life Financial Corp. 4.87 9.31 5.03 4.28 14.22 6.83 36.7( 173.79) 202.39 270.15 68.33
LFED Leeds Federal Savings Bk (MHC) 3.01 7.09 4.13 2.96 0.09 1.04 34.13 32.04 7.24 3.58 4.36
LIFB Life Bancorp Inc. 2.58 7.29 4.81 2.48 0.20 1.22 44.10 39.54 (0.51) (2.94) 1.31
LISB Long Island Bancorp Inc. 2.77 7.03 4.37 2.66 0.50 1.90 57.74 49.72 1.49 3.41 2.62
LOGN Logansport Financial Corp. 3.90 7.54 3.81 3.73 0.18 1.54 39.30 36.29 12.74 10.13 8.88
LONF London Financial Corporation 3.71 7.56 3.89 3.68 0.15 2.59 67.86 66.57 3.19 7.03 3.79
LSBI LSB Financial Corp. 3.54 7.89 4.56 3.34 0.37 2.40 64.84 60.96 12.67 11.84 14.38
LSBX Lawrence Savings Bank 3.08 7.15 4.16 2.99 0.52 2.11 60.36 53.43 (14.56) (8.44) 2.56
LVSB Lakeview Financial 3.37 6.83 3.60 3.23 0.58 2.32 52.19 43.56 20.13 33.26 (2.92)
LXMO Lexington B&L Financial Corp. 3.99 7.77 3.85 3.91 0.13 1.69 41.86 39.86 (3.43) 5.15 (2.59)
MAFB MAF Bancorp Inc. 2.91 7.21 4.44 2.77 0.45 1.42 49.44 41.24 5.92 15.05 (0.96)
MARN Marion Capital Holdings 4.19 7.78 3.87 3.90 0.32 2.25 48.39 44.11 15.04 10.10 (3.91)
MASB MASSBANK Corp. 2.86 6.66 3.85 2.81 0.20 1.37 44.23 40.27 12.08 19.91 11.24
MBB MSB Bancorp Inc. 3.34 6.61 3.53 3.08 0.61 2.56 56.53 47.91 (19.61) NA (20.38)
MBBC Monterey Bay Bancorp Inc. 2.78 7.11 4.45 2.66 0.33 2.22 67.42 63.40 (3.05) 14.43 (2.01)
MBLF MBLA Financial Corp. 2.13 7.05 4.94 2.11 0.01 0.60 28.49 28.25 (18.41) 8.79 9.20
MBSP Mitchell Bancorp Inc. 5.16 7.63 2.70 4.92 0.01 2.47 50.12 50.00 18.80 8.37 33.95
MCBN Mid-Coast Bancorp Inc. 3.96 7.97 4.26 3.71 0.40 2.90 70.36 67.14 11.61 2.38 19.95
MCBS Mid Continent Bancshares Inc. 2.67 7.00 4.50 2.49 1.99 2.43 54.28 17.87 40.33 52.18 23.34
MDBK Medford Savings Bank 3.25 6.99 3.87 3.12 0.24 1.75 48.58 44.69 12.60 10.12 (0.21)
MECH Mechanics Savings Bank 3.70 7.02 3.48 3.54 0.87 2.63 60.42 50.69 3.48 NA (5.24)
MERI Meritrust Federal SB 3.49 7.29 3.95 3.35 0.70 2.20 55.11 45.73 8.45 3.41 7.97
METF Metropolitan Financial Corp. 3.51 8.33 5.01 3.32 0.47 2.45 63.90 58.77 21.57 (27.58) 13.39
MFBC MFB Corp. 3.29 7.62 4.42 3.21 0.19 2.07 61.05 58.77 12.38 30.60 10.43
</TABLE>
<PAGE>
Page 20 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Market Data as of The Most Recent Quarter
------------------------------------------------------------
MRQ MRQ MRQ MRQ MRQ Public MRQ Tangible
Market Price Price Price Reported Publicly Rep
Value Per Share High Low Book Value Book Value
Ticker Short Name ($) ($) ($) ($) ($) ($)
- ------------------------------- ------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
HCFC Home City Financial Corp. 15.04 15.000 16.250 13.750 15.20 15.20
HEMT HF Bancorp Inc. 98.15 16.500 17.000 13.875 13.26 11.05
HFFB Harrodsburg First Fin Bancorp 34.17 14.875 16.000 14.875 15.68 15.68
HFFC HF Financial Corp. 72.71 25.750 27.000 21.250 18.22 18.22
HFGI Harrington Financial Group 40.91 13.000 13.500 11.000 7.74 7.74
HFNC HFNC Financial Corp. 240.70 16.125 17.125 14.875 9.48 9.48
HFSA Hardin Bancorp Inc. 15.04 17.750 18.250 15.000 15.75 15.75
HHFC Harvest Home Financial Corp. 12.58 10.875 11.500 10.250 11.31 11.31
HIFS Hingham Instit. for Savings 35.19 27.375 28.625 21.000 16.10 16.10
HMCI HomeCorp Inc. 39.70 17.25 18 14 13.07 13.07
HMLK Hemlock Federal Financial Corp 35.56 15.375 15.625 13.875 15.06 15.06
HMNF HMN Financial Inc. 109.51 24.750 25.750 22.375 20.09 20.09
HOMF Home Federal Bancorp 130.09 32.250 34.250 28.250 17.66 17.14
HPBC Home Port Bancorp Inc. 40.75 23.625 23.750 19.250 11.65 11.65
HRBF Harbor Federal Bancorp Inc. 36.41 22.750 22.750 18.750 16.74 16.74
HRZB Horizon Financial Corp. 123.59 16.063 16.500 14.875 11.17 11.17
HTHR Hawthorne Financial Corp. 55.59 18.000 18.000 12.250 14.01 14.01
HWEN Home Financial Bancorp 7.66 16.688 17.250 14.875 15.61 15.61
HZFS Horizon Financial Svcs Corp. 10.00 10.000 10.000 9.375 10.27 10.27
IBSF IBS Financial Corp. 169.71 17.063 18.750 15.625 11.69 11.69
IFSB Independence Federal Svgs Bank 18.26 9.031 9.25 7.5 13.89 12.28
INBI Industrial Bancorp Inc. 89.23 18.000 18.000 13.625 11.76 11.76
INCB Indiana Community Bank SB 18.90 15.000 17.625 15.000 12.37 12.37
IPSW Ipswich Savings Bank 28.59 13.250 14.125 7.875 4.78 4.78
ISBF ISB Financial Corp. 163.89 26.000 26.000 21.188 17.61 14.98
ITLA ITLA Capital Corp. 154.00 20.250 20.250 15.750 12.32 NA
IWBK InterWest Bancorp Inc. 301.88 40.250 43.250 37.000 16.13 15.84
JOAC Joachim Bancorp Inc. 10.84 15.250 15.250 14.000 13.62 13.62
JSB JSB Financial Inc. 468.93 48.938 49.375 41.000 35.91 35.91
JSBA Jefferson Savings Bancorp 205.26 30.250 30.625 27.750 23.96 18.59
JXSB Jacksonville Savings Bk (MHC) 34.03 17.000 17.625 16.000 13.42 13.42
JXVL Jacksonville Bancorp Inc. 45.82 15.063 15.125 13.250 13.55 13.55
KFBI Klamath First Bancorp 205.38 22.125 22.500 18.625 15.64 NA
KNK Kankakee Bancorp Inc. 43.66 31.500 31.875 29.000 27.25 25.69
KSAV KS Bancorp Inc. 19.92 18.000 19.125 18.000 16.44 16.43
KSBK KSB Bancorp Inc. 17.95 13.250 16.000 12.500 8.90 8.46
KYF Kentucky First Bancorp Inc. 17.52 14.125 14.250 10.625 11.29 11.29
LARK Landmark Bancshares Inc. 41.06 20.000 20.125 18.750 18.39 18.39
LARL Laurel Capital Group Inc. 39.04 24.875 24.875 21.000 15.20 15.20
LFBI Little Falls Bancorp Inc. 49.55 18.500 18.500 15.250 14.53 13.40
LFCO Life Financial Corp. 107.12 18.375 19.250 13.625 7.56 7.56
LFED Leeds Federal Savings Bk (MHC) 109.69 20.000 20.000 17.750 13.53 13.53
LIFB Life Bancorp Inc. 289.89 26.375 26.625 23.625 16.17 15.72
LISB Long Island Bancorp Inc. 1,057.01 47.000 47.500 35.188 22.74 22.53
LOGN Logansport Financial Corp. 19.54 15.250 16.000 13.250 12.86 12.86
LONF London Financial Corporation 7.52 14.750 17.500 14.625 14.60 14.60
LSBI LSB Financial Corp. 23.83 26.000 26.500 20.250 20.24 20.24
LSBX Lawrence Savings Bank 59.45 12.625 12.875 10.938 7.84 7.84
LVSB Lakeview Financial 113.85 16.500 16.938 13.625 13.71 11.75
LXMO Lexington B&L Financial Corp. 19.07 16.625 16.625 14.125 14.73 14.73
MAFB MAF Bancorp Inc. 487.97 32.375 34.750 27.417 17.22 15.13
MARN Marion Capital Holdings 48.89 28.000 28.000 22.000 22.22 22.22
MASB MASSBANK Corp. 153.99 47.5 47.5 35.625 28.25 27.83
MBB MSB Bancorp Inc. 83.19 28.875 28.875 19.875 22.40 11.94
MBBC Monterey Bay Bancorp Inc. 59.75 20.500 20.500 16.000 15.60 14.46
MBLF MBLA Financial Corp. 32.63 26.250 27.000 23.250 22.35 22.35
MBSP Mitchell Bancorp Inc. 15.94 17.250 17.375 16.375 15.36 15.36
MCBN Mid-Coast Bancorp Inc. 6.76 27.000 27.000 19.500 22.65 22.65
MCBS Mid Continent Bancshares Inc. 76.37 28.500 28.500 25.250 19.93 19.93
MDBK Medford Savings Bank 154.97 36.000 36.500 29.250 21.96 20.58
MECH Mechanics Savings Bank 132.33 26.250 26.250 18.875 16.33 16.33
MERI Meritrust Federal SB 38.90 47.000 47.000 39.000 24.89 24.89
METF Metropolitan Financial Corp. 93.43 19.000 20.000 15.500 9.90 9.03
MFBC MFB Corp. 38.38 23.250 23.500 19.000 20.31 20.31
</TABLE>
<PAGE>
Page 21 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Balance Sheet Growth as of
Income Statement as of The Most Recent Quarter The Most Recent Quarter
------------------------------------------------------------------ ------------------------
Net Non- Non-
Interest Interest Interest interest interest
Net Income/ Expense/ Income Income/ Expense Effi- Over- Asset Loan Deposit
Interest Avg Avg Avg Avg Avg ciency head Growth Growth Growth
Margin Assets Assets Assets Assets Assets Ratio Ratio Rate Rate Rate
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
- ------------------------------- ----------------------------------------------------------- -----------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MFCX Marshalltown Financial Corp. 2.74 7.07 4.39 2.68 0.08 1.90 69.38 68.48 (6.39) 17.50 (10.13)
MFFC Milton Federal Financial Corp. 2.89 7.34 4.54 2.80 0.15 1.98 67.94 66.27 19.42 23.26 11.97
MFLR Mayflower Co-operative Bank 3.98 7.46 3.70 3.76 0.35 2.46 58.51 54.59 3.15 (3.26) (1.61)
MFSL Maryland Federal Bancorp 2.68 7.28 4.63 2.65 0.24 1.60 54.73 50.67 6.07 0.85 7.84
MIFC Mid-Iowa Financial Corp. 3.02 7.35 4.39 2.96 1.07 2.20 54.94 38.68 6.37 5.71 (20.09)
MIVI Mississippi View Holding Co. 3.93 7.49 3.61 3.88 0.31 2.48 59.34 56.12 (7.05) NA (1.21)
MLBC ML Bancorp Inc. 3.20 7.22 4.23 2.99 0.50 2.39 66.47 60.81 47.45 59.55 42.82
MONT Montgomery Financial Corp. 3.65 7.84 4.34 3.50 0.03 1.93 55.87 55.47 (5.47) 16.92 6.41
MRKF Market Financial Corp. 3.84 6.83 3.03 3.80 0.01 2.08 54.46 54.38 1.67 7.09 (2.17)
MSBF MSB Financial Inc. 4.77 8.38 3.77 4.60 0.46 2.79 56.15 51.72 12.40 9.64 2.09
MSBK Mutual Savings Bank FSB 1.75 6.47 4.76 1.72 0.47 2.13 97.82 97.23 (11.45) 24.54 (3.43)
MWBI Midwest Bancshares Inc. 2.85 7.42 4.67 2.75 0.22 1.67 55.83 52.26 9.03 16.77 (3.60)
MWBX MetroWest Bank 4.08 7.73 3.84 3.89 0.33 2.61 59.94 56.49 13.59 7.64 10.14
MWFD Midwest Federal Financial 3.96 8.09 4.27 3.83 0.83 2.83 59.58 50.82 11.90 11.95 7.45
NASB North American Savings Bank 3.51 8.29 4.85 3.44 0.79 2.08 49.48 37.85 27.47 19.39 10.55
NBN Northeast Bancorp 3.90 8.19 4.41 3.78 0.65 3.06 66.44 60.63 5.56 5.21 (0.38)
NBSI North Bancshares Inc. 3.06 7.25 4.25 3.00 0.19 2.64 82.61 81.52 8.35 (5.51) 8.33
NEIB Northeast Indiana Bancorp 3.63 8.08 4.50 3.58 0.33 1.68 42.99 37.74 31.79 33.84 42.16
NHTB New Hampshire Thrift Bncshrs 3.85 7.91 4.31 3.60 0.74 3.10 69.28 63.00 5.15 (3.32) 8.01
NASB NewMil Bancorp Inc. 3.97 7.40 3.55 3.85 0.47 2.73 66.66 62.62 (7.00) (3.47) 4.26
NSLB NS&L Bancorp Inc. 3.23 6.62 3.48 3.14 0.24 1.96 58.03 54.76 11.17 15.69 12.96
NSSB Norwich Financial Corp. 4.48 7.62 3.39 4.23 0.52 2.95 59.44 54.44 (6.64) (0.53) (7.40)
NSSY NSS Bancorp Inc. 2.95 7.00 4.13 2.87 0.69 2.45 67.72 59.96 30.00 17.10 10.97
NTMG Nutmeg Federal S&LA 4.15 7.25 3.30 3.95 1.14 3.80 74.18 66.74 37.56 19.71 42.17
NWEQ Northwest Equity Corp. 3.78 8.01 4.43 3.58 0.51 2.42 56.49 50.23 0.26 5.83 (3.80)
NWSB Northwest Savings Bank (MHC) 3.74 7.83 4.24 3.59 0.34 2.18 54.37 50.05 1.79 11.28 11.74
NYB New York Bancorp Inc. 3.67 7.65 4.08 3.58 0.37 1.57 39.84 33.69 (4.81) 2.96 (1.56)
OCFC Ocean Financial Corp. 3.09 7.04 4.04 3.01 0.16 1.58 49.88 47.28 11.35 15.85 2.05
OCN Ocwen Financial Corp. 6.14 10.64 5.51 5.13 1.14 3.79 70.25 63.62 40.54 47.41 (41.42)
OFCP Ottawa Financial Corp. 3.37 7.55 4.41 3.13 0.42 2.17 57.51 51.84 2.62 4.54 3.64
OHSL OHSL Financial Corp. 3.14 7.74 4.67 3.07 0.14 1.92 59.86 58.09 7.94 6.03 15.70
OSFS Ohio State Financial Services 3.90 7.16 3.39 3.77 0.19 2.34 59.71 57.72 (3.47) (5.71) (6.39)
OTFC Oregon Trail Financial Corp. NA NA NA NA NA NA NA NA NA NA NA
PALM Palfed Inc. 4.02 8.24 4.40 3.84 0.65 3.05 62.36 55.98 2.19 6.42 7.95
PBCI Pamrapo Bancorp Inc. 4.74 7.70 3.26 4.43 0.40 2.59 51.13 46.69 1.05 5.45 (0.93)
PBCT People's Bank (MHC) 3.57 6.81 3.51 3.30 2.44 4.13 70.91 49.39 (7.05 (15.89) 1.65
PBHC Oswego City Savings Bk (MHC) 4.20 7.54 3.65 3.88 0.48 2.94 63.62 59.10 4.41 9.84 (5.90)
PBKB People's Bancshares Inc. 2.91 6.99 4.15 2.84 0.27 2.60 81.00 79.22 90.00 165.42 15.66
PCBC Perry County Financial Corp. 2.99 6.90 3.96 2.94 0.04 1.08 36.33 35.47 6.98 29.54 (9.68)
PDB Piedmont Bancorp Inc. 3.95 7.92 4.06 3.86 0.32 2.17 51.89 47.95 12.33 16.42 0.15
PEEK Peekskill Financial Corp. 3.73 6.79 3.10 3.69 0.13 1.81 47.41 45.53 (0.07) 13.15 (0.90)
PERM Permanent Bancorp Inc. 2.67 7.18 4.62 2.57 0.43 1.95 64.49 58.50 0.30 2.45 (6.79)
PERT Perpetual Bank (MHC) 3.84 7.73 4.02 3.72 1.07 3.03 63.44 52.90 17.16 23.38 17.24
PFDC Peoples Bancorp 3.79 7.78 4.02 3.76 0.21 1.46 36.84 33.30 6.10 9.75 5.30
PFED Park Bancorp Inc. 3.60 7.13 3.66 3.46 0.09 2.03 66.22 65.35 (2.40) 4.97 3.30
PFFB PFF Bancorp Inc. 2.82 7.23 4.50 2.73 0.49 1.99 61.67 54.82 (2.42) (0.55) (2.29)
PFFC Peoples Financial Corp. 3.71 7.00 3.38 3.62 0.02 2.26 61.97 61.73 (14.28) 33.49 (17.68)
PFNC Progress Financial Corp. 4.65 8.31 3.98 4.33 1.39 4.11 70.83 61.46 17.28 13.08 30.99
PFSB PennFed Financial Services Inc 2.54 7.14 4.69 2.44 0.16 1.28 41.50 37.75 12.77 15.82 24.76
PFSL Pocahontas FS&LA (MHC) 2.05 7.01 5.01 2.00 0.29 1.25 54.61 47.95 5.83 20.02 53.05
PHBK Peoples Heritage Finl Group 4.72 7.77 3.41 4.37 1.00 3.33 59.15 49.80 33.26 18.55 5.18
PHFC Pittsburgh Home Financial Corp 2.89 7.59 4.76 2.84 0.21 1.81 59.29 56.25 26.60 22.48 (0.11)
PHSB Peoples Home Savings Bk (MHC) 3.67 7.26 3.70 3.56 0.46 2.89 71.80 68.16 (15.52) 3.22 (15.61)
PKPS Poughkeepsie Financial Corp. 3.34 7.76 4.56 3.20 0.57 2.76 65.91 59.89 1.72 1.47 7.90
PLSK Pulaski Savings Bank (MHC) 3.20 7.29 4.21 3.08 0.07 1.99 63.24 62.35 3.70 0.90 3.40
PMFI Perpetual Midwest Financial 3.03 7.71 4.82 2.89 0.35 2.22 68.26 64.38 4.47 24.95 6.52
PRBC Prestige Bancorp Inc. 3.19 7.16 4.07 3.09 0.25 2.31 68.95 66.42 6.23 10.50 5.26
PROV Provident Financial Holdings 3.22 7.24 4.10 3.14 0.79 2.81 72.96 66.16 16.33 24.50 11.23
PSBK Progressive Bank Inc. 4.03 7.77 3.94 3.83 0.37 2.37 53.16 48.59 2.64 (9.00) 1.39
PSFC Peoples-Sidney Financial Corp. 4.01 7.74 3.80 3.94 0.06 1.87 46.65 45.81 (1.19) 11.18 (3.35)
PSFI PS Financial Inc. 4.99 7.50 2.63 4.87 0.08 1.38 27.85 26.65 14.69 (10.61) (6.76)
PTRS Potters Financial Corp. 3.42 7.27 3.96 3.31 0.29 2.40 66.57 63.66 5.04 18.46 5.79
PULB Pulaski Bank, Svgs Bank (MHC) 3.77 7.59 3.91 3.68 0.26 2.31 58.54 55.64 5.41 13.00 1.08
PULS Pulse Bancorp 2.62 6.97 4.41 2.57 0.10 0.94 34.98 32.43 4.47 24.93 (1.92)
</TABLE>
<PAGE>
Page 21 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Balance Sheet Growth as of
Income Statement as of The Most Recent Quarter The Most Recent Quarter
------------------------------------------------------------------ ------------------------
Net Non- Non-
Interest Interest Interest interest interest
Net Income/ Expense/ Income Income/ Expense Effi- Over- Asset Loan Deposit
Interest Avg Avg Avg Avg Avg ciency head Growth Growth Growth
Margin Assets Assets Assets Assets Assets Ratio Ratio Rate Rate Rate
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
- ------------------------------- ----------------------------------------------------------- -----------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MFCX Marshalltown Financial Corp. 2.74 7.07 4.39 2.68 0.08 1.90 69.38 68.48 (6.39) 17.50 (10.13)
MFFC Milton Federal Financial Corp. 2.89 7.34 4.54 2.80 0.15 1.98 67.94 66.27 19.42 23.26 11.97
MFLR Mayflower Co-operative Bank 3.98 7.46 3.70 3.76 0.35 2.46 58.51 54.59 3.15 (3.26) (1.61)
MFSL Maryland Federal Bancorp 2.68 7.28 4.63 2.65 0.24 1.60 54.73 50.67 6.07 0.85 7.84
MIFC Mid-Iowa Financial Corp. 3.02 7.35 4.39 2.96 1.07 2.20 54.94 38.68 6.37 5.71 (20.09)
MIVI Mississippi View Holding Co. 3.93 7.49 3.61 3.88 0.31 2.48 59.34 56.12 (7.05) NA (1.21)
MLBC ML Bancorp Inc. 3.20 7.22 4.23 2.99 0.50 2.39 66.47 60.81 47.45 59.55 42.82
MONT Montgomery Financial Corp. 3.65 7.84 4.34 3.50 0.03 1.93 55.87 55.47 (5.47) 16.92 6.41
MRKF Market Financial Corp. 3.84 6.83 3.03 3.80 0.01 2.08 54.46 54.38 1.67 7.09 (2.17)
MSBF MSB Financial Inc. 4.77 8.38 3.77 4.60 0.46 2.79 56.15 51.72 12.40 9.64 2.09
MSBK Mutual Savings Bank FSB 1.75 6.47 4.76 1.72 0.47 2.13 97.82 97.23 (11.45) 24.54 (3.43)
MWBI Midwest Bancshares Inc. 2.85 7.42 4.67 2.75 0.22 1.67 55.83 52.26 9.03 16.77 (3.60)
MWBX MetroWest Bank 4.08 7.73 3.84 3.89 0.33 2.61 59.94 56.49 13.59 7.64 10.14
MWFD Midwest Federal Financial 3.96 8.09 4.27 3.83 0.83 2.83 59.58 50.82 11.90 11.95 7.45
NASB North American Savings Bank 3.51 8.29 4.85 3.44 0.79 2.08 49.48 37.85 27.47 19.39 10.55
NBN Northeast Bancorp 3.90 8.19 4.41 3.78 0.65 3.06 66.44 60.63 5.56 5.21 (0.38)
NBSI North Bancshares Inc. 3.06 7.25 4.25 3.00 0.19 2.64 82.61 81.52 8.35 (5.51) 8.33
NEIB Northeast Indiana Bancorp 3.63 8.08 4.50 3.58 0.33 1.68 42.99 37.74 31.79 33.84 42.16
NHTB New Hampshire Thrift Bncshrs 3.85 7.91 4.31 3.60 0.74 3.10 69.28 63.00 5.15 (3.32) 8.01
NASB NewMil Bancorp Inc. 3.97 7.40 3.55 3.85 0.47 2.73 66.66 62.62 (7.00) (3.47) 4.26
NSLB NS&L Bancorp Inc. 3.23 6.62 3.48 3.14 0.24 1.96 58.03 54.76 11.17 15.69 12.96
NSSB Norwich Financial Corp. 4.48 7.62 3.39 4.23 0.52 2.95 59.44 54.44 (6.64) (0.53) (7.40)
NSSY NSS Bancorp Inc. 2.95 7.00 4.13 2.87 0.69 2.45 67.72 59.96 30.00 17.10 10.97
NTMG Nutmeg Federal S&LA 4.15 7.25 3.30 3.95 1.14 3.80 74.18 66.74 37.56 19.71 42.17
NWEQ Northwest Equity Corp. 3.78 8.01 4.43 3.58 0.51 2.42 56.49 50.23 0.26 5.83 (3.80)
NWSB Northwest Savings Bank (MHC) 3.74 7.83 4.24 3.59 0.34 2.18 54.37 50.05 1.79 11.28 11.74
NYB New York Bancorp Inc. 3.67 7.65 4.08 3.58 0.37 1.57 39.84 33.69 (4.81) 2.96 (1.56)
OCFC Ocean Financial Corp. 3.09 7.04 4.04 3.01 0.16 1.58 49.88 47.28 11.35 15.85 2.05
OCN Ocwen Financial Corp. 6.14 10.64 5.51 5.13 1.14 3.79 70.25 63.62 40.54 47.41 (41.42)
OFCP Ottawa Financial Corp. 3.37 7.55 4.41 3.13 0.42 2.17 57.51 51.84 2.62 4.54 3.64
OHSL OHSL Financial Corp. 3.14 7.74 4.67 3.07 0.14 1.92 59.86 58.09 7.94 6.03 15.70
OSFS Ohio State Financial Services 3.90 7.16 3.39 3.77 0.19 2.34 59.71 57.72 (3.47) (5.71) (6.39)
OTFC Oregon Trail Financial Corp. NA NA NA NA NA NA NA NA NA NA NA
PALM Palfed Inc. 4.02 8.24 4.40 3.84 0.65 3.05 62.36 55.98 2.19 6.42 7.95
PBCI Pamrapo Bancorp Inc. 4.74 7.70 3.26 4.43 0.40 2.59 51.13 46.69 1.05 5.45 (0.93)
PBCT People's Bank (MHC) 3.57 6.81 3.51 3.30 2.44 4.13 70.91 49.39 (7.05 (15.89) 1.65
PBHC Oswego City Savings Bk (MHC) 4.20 7.54 3.65 3.88 0.48 2.94 63.62 59.10 4.41 9.84 (5.90)
PBKB People's Bancshares Inc. 2.91 6.99 4.15 2.84 0.27 2.60 81.00 79.22 90.00 165.42 15.66
PCBC Perry County Financial Corp. 2.99 6.90 3.96 2.94 0.04 1.08 36.33 35.47 6.98 29.54 (9.68)
PDB Piedmont Bancorp Inc. 3.95 7.92 4.06 3.86 0.32 2.17 51.89 47.95 12.33 16.42 0.15
PEEK Peekskill Financial Corp. 3.73 6.79 3.10 3.69 0.13 1.81 47.41 45.53 (0.07) 13.15 (0.90)
PERM Permanent Bancorp Inc. 2.67 7.18 4.62 2.57 0.43 1.95 64.49 58.50 0.30 2.45 (6.79)
PERT Perpetual Bank (MHC) 3.84 7.73 4.02 3.72 1.07 3.03 63.44 52.90 17.16 23.38 17.24
PFDC Peoples Bancorp 3.79 7.78 4.02 3.76 0.21 1.46 36.84 33.30 6.10 9.75 5.30
PFED Park Bancorp Inc. 3.60 7.13 3.66 3.46 0.09 2.03 66.22 65.35 (2.40) 4.97 3.30
PFFB PFF Bancorp Inc. 2.82 7.23 4.50 2.73 0.49 1.99 61.67 54.82 (2.42) (0.55) (2.29)
PFFC Peoples Financial Corp. 3.71 7.00 3.38 3.62 0.02 2.26 61.97 61.73 (14.28) 33.49 (17.68)
PFNC Progress Financial Corp. 4.65 8.31 3.98 4.33 1.39 4.11 70.83 61.46 17.28 13.08 30.99
PFSB PennFed Financial Services Inc 2.54 7.14 4.69 2.44 0.16 1.28 41.50 37.75 12.77 15.82 24.76
PFSL Pocahontas FS&LA (MHC) 2.05 7.01 5.01 2.00 0.29 1.25 54.61 47.95 5.83 20.02 53.05
PHBK Peoples Heritage Finl Group 4.72 7.77 3.41 4.37 1.00 3.33 59.15 49.80 33.26 18.55 5.18
PHFC Pittsburgh Home Financial Corp 2.89 7.59 4.76 2.84 0.21 1.81 59.29 56.25 26.60 22.48 (0.11)
PHSB Peoples Home Savings Bk (MHC) 3.67 7.26 3.70 3.56 0.46 2.89 71.80 68.16 (15.52) 3.22 (15.61)
PKPS Poughkeepsie Financial Corp. 3.34 7.76 4.56 3.20 0.57 2.76 65.91 59.89 1.72 1.47 7.90
PLSK Pulaski Savings Bank (MHC) 3.20 7.29 4.21 3.08 0.07 1.99 63.24 62.35 3.70 0.90 3.40
PMFI Perpetual Midwest Financial 3.03 7.71 4.82 2.89 0.35 2.22 68.26 64.38 4.47 24.95 6.52
PRBC Prestige Bancorp Inc. 3.19 7.16 4.07 3.09 0.25 2.31 68.95 66.42 6.23 10.50 5.26
PROV Provident Financial Holdings 3.22 7.24 4.10 3.14 0.79 2.81 72.96 66.16 16.33 24.50 11.23
PSBK Progressive Bank Inc. 4.03 7.77 3.94 3.83 0.37 2.37 53.16 48.59 2.64 (9.00) 1.39
PSFC Peoples-Sidney Financial Corp. 4.01 7.74 3.80 3.94 0.06 1.87 46.65 45.81 (1.19) 11.18 (3.35)
PSFI PS Financial Inc. 4.99 7.50 2.63 4.87 0.08 1.38 27.85 26.65 14.69 (10.61) (6.76)
PTRS Potters Financial Corp. 3.42 7.27 3.96 3.31 0.29 2.40 66.57 63.66 5.04 18.46 5.79
PULB Pulaski Bank, Svgs Bank (MHC) 3.77 7.59 3.91 3.68 0.26 2.31 58.54 55.64 5.41 13.00 1.08
PULS Pulse Bancorp 2.62 6.97 4.41 2.57 0.10 0.94 34.98 32.43 4.47 24.93 (1.92)
</TABLE>
<PAGE>
Page 21 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Market Data as of The Most Recent Quarter
------------------------------------------------------------
MRQ MRQ MRQ MRQ MRQ Public MRQ Tangible
Market Price Price Price Reported Publicly Rep
Value Per Share High Low Book Value Book Value
Ticker Short Name ($) ($) ($) ($) ($) ($)
- ------------------------------- ------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
MFCX Marshalltown Financial Corp. 24.17 17.250 17.250 15.500 14.37 14.37
MFFC Milton Federal Financial Corp. 34.72 15.250 15.250 13.625 12.31 12.31
MFLR Mayflower Co-operative Bank 21.15 19.500 19.500 15.750 13.67 13.44
MFSL Maryland Federal Bancorp 155.22 43.000 50.500 38.500 30.83 NA
MIFC Mid-Iowa Financial Corp. 16.97 9.000 9.000 7.313 7.00 6.99
MIVI Mississippi View Holding Co. 13.05 17.000 17.250 14.625 16.30 16.30
MLBC ML Bancorp Inc. 338.92 27.375 27.375 18.750 14.41 13.44
MONT Montgomery Financial Corp. 20.87 12.000 12.375 11.000 11.81 11.81
MRKF Market Financial Corp. 20.37 13.750 13.750 12.250 14.83 14.83
MSBF MSB Financial Inc. 21.59 17.250 18.000 11.875 10.33 10.33
MSBK Mutual Savings Bank FSB 52.95 14.625 14.625 9.750 9.73 9.73
MWBI Midwest Bancshares Inc. 17.64 40.750 40.750 31.250 30.55 30.55
MWBX MetroWest Bank 112.53 7.688 7.688 5.625 3.13 3.13
MWFD Midwest Federal Financial 41.51 19.750 20.750 17.625 11.21 10.81
NASB North American Savings Bank 118.52 47.750 47.750 38.000 25.37 24.52
NBN Northeast Bancorp 40.75 19.000 19.875 14.438 14.27 12.61
NBSI North Bancshares Inc. 25.68 24.000 24.500 19.250 17.04 17.04
NEIB Northeast Indiana Bancorp 36.58 19.500 20.250 14.750 15.51 15.51
NHTB New Hampshire Thrift Bncshrs 41.49 20.750 20.750 15.500 12.04 10.34
NASB NewMil Bancorp Inc. 53.69 14.250 14.250 10.875 8.42 8.42
NSLB NS&L Bancorp Inc. 13.35 17.250 17.250 16.250 16.51 16.51
NSSB Norwich Financial Corp. 160.93 29.000 29.250 20.750 15.05 13.66
NSSY NSS Bancorp Inc. 90.08 30.250 31.000 23.000 21.54 20.84
NTMG Nutmeg Federal S&LA 8.58 8.750 8.750 7.000 7.72 7.72
NWEQ Northwest Equity Corp. 14.47 16.125 16.750 14.625 14.53 14.53
NWSB Northwest Savings Bank (MHC) 694.00 25.625 26.250 15.625 8.66 8.18
NYB New York Bancorp Inc. 752.83 29.938 32.000 26.344 7.93 7.93
OCFC Ocean Financial Corp. 288.53 35.500 35.750 33.063 27.63 27.63
OCN Ocwen Financial Corp. 1,489.94 42.125 44.750 32.125 13.82 13.46
OFCP Ottawa Financial Corp. 148.28 27.125 27.125 20.455 14.15 11.43
OHSL OHSL Financial Corp. 33.64 26.000 26.000 23.250 21.42 21.42
OSFS Ohio State Financial Services 9.51 NA NA NA NA NA
OTFC Oregon Trail Financial Corp. 73.94 NA NA NA NA NA
PALM Palfed Inc. 132.48 24.625 24.625 15.5 10.74 10.74
PBCI Pamrapo Bancorp Inc. 68.94 23.750 24.000 19.750 16.89 16.77
PBCT People's Bank (MHC) 2,017.15 32.063 32.250 25.750 11.41 11.40
PBHC Oswego City Savings Bk (MHC) 56.54 22.125 22.125 12.875 12.02 10.10
PBKB People's Bancshares Inc. 62.79 20.000 20.000 15.250 8.96 8.59
PCBC Perry County Financial Corp. 19.46 20.000 20.000 18.750 18.81 18.81
PDB Piedmont Bancorp Inc. 28.88 10.875 11.125 10.000 7.56 7.56
PEEK Peekskill Financial Corp. 55.88 15.000 15.250 13.375 14.71 14.71
PERM Permanent Bancorp Inc. 54.42 24.000 26.500 22.750 20.37 20.10
PERT Perpetual Bank (MHC) 78.99 29.500 29.750 24.125 20.14 20.14
PFDC Peoples Bancorp 71.62 23.000 23.000 21.750 19.23 19.23
PFED Park Bancorp Inc. 43.16 17.750 17.750 15.875 16.61 16.61
PFFB PFF Bancorp Inc. 326.74 19.375 20.000 18.063 14.69 14.54
PFFC Peoples Financial Corp. 21.25 15.625 15.625 15.000 15.78 15.78
PFNC Progress Financial Corp. 58.15 14.688 15.125 9.762 5.85 5.22
PFSB PennFed Financial Services Inc 141.66 31.500 31.500 27.125 22.43 18.99
PFSL Pocahontas FS&LA (MHC) 58.56 20.750 20.750 17.750 14.76 14.76
PHBK Peoples Heritage Finl Group 1,102.42 42.313 43.125 36.250 16.42 14.02
PHFC Pittsburgh Home Financial Corp 38.65 19.125 19.500 15.000 14.63 14.48
PHSB Peoples Home Savings Bk (MHC) 49.34 17.000 17.250 13.625 10.22 10.22
PKPS Poughkeepsie Financial Corp. 125.17 9.250 9.375 7.250 5.91 5.91
PLSK Pulaski Savings Bank (MHC) 42.44 18.250 18.250 13.250 10.36 10.36
PMFI Perpetual Midwest Financial 48.23 22.250 23.000 18.750 18.24 18.24
PRBC Prestige Bancorp Inc. 16.72 18.875 18.875 15.625 16.88 16.88
PROV Provident Financial Holdings 95.52 19.750 20.125 16.750 17.66 17.66
PSBK Progressive Bank Inc. 124.89 34.250 38.000 27.500 20.18 18.18
PSFC Peoples-Sidney Financial Corp. 30.80 16.500 17.000 13.625 15.72 15.72
PSFI PS Financial Inc. 34.22 17.125 18.000 14.000 14.76 14.76
PTRS Potters Financial Corp. 15.80 28.250 28.250 21.000 22.42 22.42
PULB Pulaski Bank, Svgs Bank (MHC) 63.87 18.375 19.625 17.375 11.23 11.23
PULS Pulse Bancorp 77.01 24.000 25.250 20.000 14.03 14.03
</TABLE>
<PAGE>
Page 22 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Balance Sheet Growth as of
Income Statement as of The Most Recent Quarter The Most Recent Quarter
------------------------------------------------------------------ ------------------------
Net Non- Non-
Interest Interest Interest interest interest
Net Income/ Expense/ Income Income/ Expense Effi- Over- Asset Loan Deposit
Interest Avg Avg Avg Avg Avg ciency head Growth Growth Growth
Margin Assets Assets Assets Assets Assets Ratio Ratio Rate Rate Rate
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
- ------------------------------- ----------------------------------------------------------- -----------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
PVFC PVF Capital Corp. 3.74 8.67 4.95 3.72 0.37 2.12 51.93 47.14 10.93 15.71 36.78
PVSA Parkvale Financial Corporation 3.04 7.29 4.34 2.95 0.23 1.43 44.49 40.17 5.73 13.97 6.43
PWBC PennFirst Bancorp Inc. 2.15 6.95 4.85 2.11 0.15 1.24 54.90 51.66 2.64 6.65 3.13
PWBK Pennwood Bancorp Inc. 4.25 7.92 3.81 4.11 0.3 2.84 64.38 61.75 -18.7 24.94 8.04
QCBC Quaker City Bancorp Inc. 2.96 7.57 4.66 2.92 0.32 1.80 52.81 47.66 22.77 9.09 6.86
QCFB QCF Bancorp Inc. 4.14 7.19 3.12 4.06 0.36 1.72 39.00 33.63 3.74 15.73 3.35
QCSB Queens County Bancorp Inc. 4.34 8.21 4.00 4.22 0.09 1.83 42.55 41.31 20.22 23.98 7.91
RARB Raritan Bancorp Inc. 3.50 7.15 3.82 3.32 0.31 1.93 52.13 47.61 29.34 12.59 2.50
REDF RedFed Bancorp Inc. 3.22 7.18 4.05 3.13 0.74 2.55 62.45 53.56 24.15 NA 15.53
RELI Reliance Bancshares Inc. 4.71 7.14 2.63 4.51 (0.02) 2.11 46.94 47.13 (0.19) (8.09) 2.41
RELY Reliance Bancorp Inc. 3.39 7.25 4.04 3.21 0.18 1.83 47.57 44.62 11.73 (0.53) 4.86
RIVR River Valley Bancorp 4.17 7.34 3.46 3.88 0.54 2.73 60.51 54.96 6.12 15.39 (8.90)
ROSE TR Financial Corp. 2.59 7.21 4.68 2.54 0.20 1.27 46.21 41.97 15.74 19.80 (12.66)
RSLN Roslyn Bancorp Inc. 3.12 7.25 4.20 3.06 0.19 1.38 41.99 38.32 39.86 135.39 23.66
RVSB Riverview Bancorp Inc. 4.51 8.43 4.20 4.24 0.94 3.17 58.41 49.14 91.61 7.67 47.16
SBFL SB of the Finger Lakes (MHC) 3.07 7.17 4.20 2.97 0.19 2.64 81.18 79.95 18.98 26.70 21.31
SBOS Boston Bancorp (The) 2.95 6.88 4.00 2.87 0.15 1.27 42.96 39.99 (36.27 (23.33) 3.59
SCBS Southern Community Bancshares 4.24 7.11 2.90 4.20 0.43 2.76 59.46 55.28 1.51 17.18 4.60
SCCB S. Carolina Community Bancshrs 4.36 7.74 3.47 4.27 0.26 2.49 55.03 52.31 1.60 2.30 (0.19)
SFED SFS Bancorp Inc. 3.46 7.30 3.93 3.36 0.26 2.45 68.05 65.59 2.88 NA 5.01
SFFC StateFed Financial Corp. 3.11 7.54 4.61 2.93 0.08 1.41 51.53 50.24 8.70 (1.62) 15.79
SFIN Statewide Financial Corp. 3.69 7.36 3.78 3.59 0.23 2.44 63.67 61.29 17.76 1.49 (5.36)
SFNB Security First Network Bank 4.26 5.39 2.10 3.29 15.25 51.80 275.63 NA (4.66 194.17 56.30
SFSB SuburbFed Financial Corp. 2.87 7.18 4.39 2.79 0.70 2.61 74.61 68.25 5.49 21.59 (3.95)
SFSL Security First Corp. 4.00 8.32 4.45 3.88 0.28 1.94 46.41 42.54 16.90 13.30 12.89
SGVB SGV Bancorp Inc. 2.54 7.17 4.72 2.45 0.29 2.14 77.41 74.75 (0.36) 34.54 6.40
SHEN First Shenango Bancorp Inc. 3.25 7.52 4.32 3.19 0.18 1.47 42.69 39.37 (9.70) 0.86 7.83
SHSB SHS Bancorp Inc. 2.88 7.75 4.94 2.81 0.16 2.02 66.61 64.77 5.49 3.51 3.00
SISB SIS Bancorp Inc. 3.68 7.11 3.62 3.49 0.88 2.87 65.55 56.85 5.15 15.81 2.45
SKAN Skaneateles Bancorp Inc. 4.19 7.79 3.82 3.97 0.73 3.33 69.38 63.71 (0.09) 3.19 (0.40)
SKBO First Carnegie Deposit (MHC) 2.76 6.70 4.00 2.69 0.06 1.53 55.77 54.80 (37.91) 2.27 (45.05)
SMBC Southern Missouri Bancorp Inc. 3.23 7.08 3.90 3.18 0.37 1.96 62.45 58.13 (12.78) 9.14 (18.03)
SMFC Sho-Me Financial Corp. 3.35 8.02 4.73 3.29 0.44 1.57 42.13 34.31 19.52 16.90 2.54
SOBI Sobieski Bancorp Inc. 3.33 7.21 4.01 3.20 0.23 2.37 69.20 67.02 12.46 22.17 (6.21)
SOPN First Savings Bancorp Inc. 3.92 7.60 3.79 3.81 0.16 1.23 31.01 28.03 1.49 8.40 4.15
SOSA Somerset Savings Bank 4.07 8.17 4.30 3.87 0.22 2.87 61.62 59.48 4.54 2.98 5.13
SPBC St. Paul Bancorp Inc. 3.04 7.08 4.17 2.91 0.90 2.19 58.83 46.13 (5.46) (8.09) (0.86)
SRN Southern Banc Co. 2.75 7.07 4.36 2.71 0.08 1.94 67.98 67.04 2.77 20.85 1.58
SSB Scotland Bancorp Inc. 4.68 7.49 2.90 4.60 0.10 2.28 48.65 47.55 3.22 5.11 (0.43)
SSFC South Street Financial Corp. 3.40 7.33 4.03 3.29 0.05 1.40 41.81 41.00 4.95 (0.72) 3.47
SSM Stone Street Bancorp Inc. 4.66 7.96 3.38 4.59 0.14 2.29 48.51 46.98 (5.06) 16.60 (0.32)
STFR St. Francis Capital Corp. 2.63 7.09 4.62 2.47 0.38 1.80 59.45 53.17 3.98 13.10 12.34
STSA Sterling Financial Corp. 2.68 8.40 5.61 2.79 0.49 2.27 65.54 59.52 43.67 20.05 14.78
SVRN Sovereign Bancorp Inc. 2.59 7.19 4.69 2.50 0.24 1.34 45.73 40.51 33.73 92.44 12.63
SWBI Southwest Bancshares 3.38 7.47 4.30 3.17 0.19 1.72 54.63 51.90 (3.51) 0.17 (4.30)
SWCB Sandwich Bancorp Inc. 3.67 7.29 3.73 3.56 0.50 2.36 56.31 50.18 7.87 17.80 11.48
SZB SouthFirst Bancshares Inc. 3.85 7.52 3.94 3.58 1.51 4.13 81.08 73.11 18.83 27.83 (7.99)
THR Three Rivers Financial Corp. 3.66 7.63 4.08 3.54 0.52 2.72 68.78 64.24 (3.84 )11.18 3.54
THRD TF Financial Corporation 3.25 6.94 3.8 3.14 0.23 2.28 61.65 58.87 -9.62 -70.73 -14.98
TPNZ Tappan Zee Financial Inc. 3.79 7.48 3.79 3.69 0.12 2.46 64.47 63.33 1.46 8.65 1.89
TRIC Tri-County Bancorp Inc. 3.13 7.39 4.34 3.05 0.17 1.77 55.01 52.53 (5.74) 22.43 4.05
TSBS Peoples Bancorp Inc. (MHC) 3.59 6.94 3.51 3.43 0.33 2.36 57.51 53.37 5.03 14.88 4.49
TSH Teche Holding Co. 3.43 7.65 4.29 3.36 0.65 2.54 63.58 56.53 12.90 10.35 8.74
TWIN Twin City Bancorp 3.98 7.86 4.02 3.84 0.37 2.54 60.58 56.75 (1.54) (4.84) (3.38)
UBMT United Financial Corp. 3.81 7.09 3.41 3.68 0.56 1.98 46.73 38.63 (7.88 (14.32)(15.43)
UFRM United Federal Savings Bank 4.05 8.38 4.59 3.79 0.99 3.66 76.46 70.33 14.83 42.04 14.83
USAB USABancshares, Inc. 4.79 9.40 4.75 4.65 0.76 4.16 72.13 67.58 91.62 62.27 98.30
VABF Virginia Beach Fed. Financial 3.22 8.03 4.91 3.11 0.44 2.62 72.78 68.98 (7.98) (7.04) 0.85
VFFC Virginia First Financial Corp. 3.97 8.29 4.46 3.83 0.48 3.86 90.25 89.03 20.11 20.53 3.41
WAMU Washington Mutual Inc. 2.94 7.37 4.58 2.80 0.86 1.96 51.06 36.03 13.28 20.27 (3.64)
WAYN Wayne Svgs Community Bank(MHC) 3.35 7.62 4.37 3.26 0.26 2.41 68.55 66.07 (6.28) (1.88) (3.90)
WBST Webster Financial Corp. 3.17 7.08 4.05 3.02 0.51 1.99 52.11 44.09 58.36 26.26 25.79
WCBI Westco Bancorp 3.63 7.60 4.08 3.52 0.29 1.51 40.40 35.57 (3.26) 5.98 (2.15)
WCFB Webster City Federal SB (MHC) 3.66 7.11 3.52 3.58 0.20 1.40 36.70 33.18 6.61 8.04 9.78
</TABLE>
<PAGE>
Page 22 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Market Data as of The Most Recent Quarter
------------------------------------------------------------
MRQ MRQ MRQ MRQ MRQ Public MRQ Tangible
Market Price Price Price Reported Publicly Rep
Value Per Share High Low Book Value Book Value
Ticker Short Name ($) ($) ($) ($) ($) ($)
- ------------------------------- ------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
PVFC PVF Capital Corp. 52.46 20.250 21.750 16.705 10.63 10.63
PVSA Parkvale Financial Corporation 142.97 26.100 26.500 21.400 15.20 15.10
PWBC PennFirst Bancorp Inc. 96.92 17.625 19.500 14.318 12.96 NA
PWBK Pennwood Bancorp Inc. 10.82 17.75 17.75 14.75 15.34 15.34
QCBC Quaker City Bancorp Inc. 95.21 22.750 22.750 17.563 15.33 15.33
QCFB QCF Bancorp Inc. 39.09 25 26.25 21.25 18.83 18.83
QCSB Queens County Bancorp Inc. 525.02 34.542 36.167 29.792 13.26 13.26
RARB Raritan Bancorp Inc. 64.64 25.000 25.500 19.500 12.64 12.45
REDF RedFed Bancorp Inc. 139.08 17.375 18.000 15.750 11.21 NA
RELI Reliance Bancshares Inc. 21.32 8.500 9.000 8.000 9.18 9.18
RELY Reliance Bancorp Inc. 287.51 33.000 33.000 27.688 19.29 14.17
RIVR River Valley Bancorp 20.83 14.75 15 13.625 14.62 14.4
ROSE TR Financial Corp. 567.89 31.875 31.875 23.000 13.94 13.94
RSLN Roslyn Bancorp Inc. 913.79 22.250 24.313 21.438 14.04 13.97
RVSB Riverview Bancorp Inc. 83.49 12.816 12.816 8.281 9.56 9.21
SBFL SB of the Finger Lakes (MHC) 52.21 24.000 25.500 17.250 11.92 11.92
SBOS Boston Bancorp (The) NA 41.750 42.250 36.250 40.29 40.29
SCBS Southern Community Bancshares 20.47 14.625 14.625 13.500 13.19 13.19
SCCB S. Carolina Community Bancshrs 15.92 18.250 19.500 17.500 17.10 17.10
SFED SFS Bancorp Inc. 27.24 22.250 23.000 16.875 17.64 17.64
SFFC StateFed Financial Corp. 21.03 25.750 26.750 19.000 19.71 19.71
SFIN Statewide Financial Corp. 95.82 21.500 21.625 18.000 14.34 14.32
SFNB Security First Network Bank 74.59 6.875 9.375 5.500 3.02 2.97
SFSB SuburbFed Financial Corp. 41.51 31.750 32.000 25.750 22.73 22.65
SFSL Security First Corp. 131.90 19.000 19.250 14.667 8.31 8.18
SGVB SGV Bancorp Inc. 41.57 17.875 17.875 13.750 12.98 12.78
SHEN First Shenango Bancorp Inc. 71.38 31.500 31.750 25.500 22.55 22.55
SHSB SHS Bancorp Inc. 12.91 NA NA NA NA NA
SISB SIS Bancorp Inc. 184.17 34.750 34.750 27.625 18.94 18.94
SKAN Skaneateles Bancorp Inc. 26.98 28.500 28.750 20.750 18.15 17.63
SKBO First Carnegie Deposit (MHC) 44.28 14.500 14.750 11.625 10.52 10.52
SMBC Southern Missouri Bancorp Inc. 29.48 17.500 17.625 15.500 16.16 16.16
SMFC Sho-Me Financial Corp. 69.71 42.500 43.125 36.750 22.63 22.63
SOBI Sobieski Bancorp Inc. 14.81 17.000 17.750 14.750 17.26 17.26
SOPN First Savings Bancorp Inc. 85.03 23.875 23.875 20.000 18.43 18.43
SOSA Somerset Savings Bank 80.14 5.250 5.250 2.563 2.06 2.06
SPBC St. Paul Bancorp Inc. 815.75 25.000 25.000 22.000 11.98 11.95
SRN Southern Banc Co. 20.76 16.125 16.375 15.250 14.74 14.61
SSB Scotland Bancorp Inc. 20.33 16.125 16.375 14.875 13.45 13.45
SSFC South Street Financial Corp. 77.56 16.500 16.750 15.125 14.69 14.69
SSM Stone Street Bancorp Inc. 36.54 21.250 22.000 20.750 16.32 16.32
STFR St. Francis Capital Corp. 196.43 37.375 38.000 33.875 24.78 21.95
STSA Sterling Financial Corp. 164.58 19.063 20.375 17.625 12.98 11.88
SVRN Sovereign Bancorp Inc. 1,673.92 17.500 17.500 14.688 7.33 5.99
SWBI Southwest Bancshares 67.13 20.750 21.750 20.188 16.01 16.01
SWCB Sandwich Bancorp Inc. 76.76 37.000 39.000 30.250 21.16 20.34
SZB SouthFirst Bancshares Inc. 16.00 16.000 16.000 13.875 16.06 16.06
THR Three Rivers Financial Corp. 16.68 16.625 16.813 15.625 15.75 15.69
THRD TF Financial Corporation 98.38 25.375 25.438 19.125 19.21 16.96
TPNZ Tappan Zee Financial Inc. 29.02 18.625 18.625 16.500 14.36 14.36
TRIC Tri-County Bancorp Inc. 16.93 23.125 24.250 21.250 23.13 23.13
TSBS Peoples Bancorp Inc. (MHC) 317.43 33.125 33.125 19.375 11.96 10.76
TSH Teche Holding Co. 67.46 19.000 19.375 15.500 15.53 15.53
TWIN Twin City Bancorp 17.34 13.500 13.875 12.833 10.87 10.87
UBMT United Financial Corp. 31.81 22.250 22.250 19.000 20.10 20.10
UFRM United Federal Savings Bank 35.35 12.500 12.500 11.500 6.82 6.82
USAB USABancshares, Inc. 6.06 7.406 8.063 6.563 6.44 6.32
VABF Virginia Beach Fed. Financial 83.40 16.250 16.750 13.250 8.70 8.70
VFFC Virginia First Financial Corp. 142.43 22.500 23.125 13.375 11.44 11.05
WAMU Washington Mutual Inc. 16,394.97 69.750 70.250 58.875 20.28 18.79
WAYN Wayne Svgs Community Bank(MHC) 71.04 24.750 24.750 17.000 10.58 10.58
WBST Webster Financial Corp. 830.20 58.750 59.063 44.000 26.83 23.10
WCBI Westco Bancorp 65.87 27.000 27.000 25.500 19.42 19.42
WCFB Webster City Federal SB (MHC) 44.10 15.500 15.500 13.750 10.54 10.54
</TABLE>
<PAGE>
Page 23 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Balance Sheet Growth as of
Income Statement as of The Most Recent Quarter The Most Recent Quarter
------------------------------------------------------------------ ------------------------
Net Non- Non-
Interest Interest Interest interest interest
Net Income/ Expense/ Income Income/ Expense Effi- Over- Asset Loan Deposit
Interest Avg Avg Avg Avg Avg ciency head Growth Growth Growth
Margin Assets Assets Assets Assets Assets Ratio Ratio Rate Rate Rate
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
- ------------------------------- ----------------------------------------------------------- -----------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
WEFC Wells Financial Corp. 3.36 7.59 4.27 3.32 0.55 1.95 50.43 42.27 5.40 7.01 2.21
WEHO Westwood Homestead Fin. Corp. 3.52 7.80 4.33 3.47 0.11 1.91 53.31 51.83 24.43 34.60 16.99
WES Westcorp 3.70 7.67 4.54 3.13 3.46 6.62 101.28 102.70 8.61 13.16 (11.86)
WFI Winton Financial Corp. 3.11 8.04 4.99 3.05 0.15 1.99 61.46 59.58 9.00 9.96 10.55
WFSG Wilshire Financial Services 2.04 9.14 7.23 1.91 0.98 3.57 142.50 164.41 36.91 19.19 (15.25)
WFSL Washington Federal Inc. 3.68 8.22 4.64 3.58 0.09 0.70 18.41 16.37 (2.83) 2.01 4.95
WHGB WHG Bancshares Corp. 3.93 7.25 3.48 3.77 0.12 2.32 59.46 58.16 7.22 4.57 12.00
WOFC Western Ohio Financial Corp. 2.95 7.51 4.63 2.88 0.11 2.09 68.45 67.19 0.94 (2.41) 3.66
WRNB Warren Bancorp Inc. 4.94 7.93 3.20 4.74 0.24 2.53 50.49 47.99 6.83 13.02 2.22
WSB Washington Savings Bank, FSB 2.58 8.13 5.66 2.47 0.24 1.68 70.03 67.14 14.77 (25.56) 14.79
WSFS WSFS Financial Corp. 3.49 8.20 4.78 3.42 0.68 2.34 55.91 47.07 (3.43) 9.78 (9.36)
WSTR WesterFed Financial Corp. 3.48 7.37 4.15 3.21 0.70 2.67 64.87 57.22 18.23 16.04 (0.15)
WVFC WVS Financial Corp. 3.61 7.67 4.10 3.57 0.12 1.56 42.16 40.14 (16.91) 5.74 (12.69)
WWFC Westwood Financial Corp. 2.82 6.83 4.09 2.75 0.23 2.09 67.31 64.57 (3.48 (10.49) (4.30)
WYNE Wayne Bancorp Inc. 3.59 7.63 4.10 3.53 0.23 2.35 64.55 62.25 9.59 14.27 12.40
YFCB Yonkers Financial Corporation 3.85 7.45 3.69 3.76 0.29 2.17 53.32 49.70 34.53 134.68 7.40
YFED York Financial Corp. 3.32 7.60 4.47 3.13 0.44 2.14 57.20 51.23 (2.29) (0.52) (2.27)
--------------------------------------------------------------------------------------------------
Average 3.48 7.51 4.18 3.33 0.52 2.38 59.39 53.32 10.42 14.51 6.58
</TABLE>
<PAGE>
Page 23 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Market Data as of The Most Recent Quarter
------------------------------------------------------------
MRQ MRQ MRQ MRQ MRQ Public MRQ Tangible
Market Price Price Price Reported Publicly Rep
Value Per Share High Low Book Value Book Value
Ticker Short Name ($) ($) ($) ($) ($) ($)
- ------------------------------- ------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
WEFC Wells Financial Corp. 35.02 16.500 17.000 15.000 14.86 14.86
WEHO Westwood Homestead Fin. Corp. 44.52 18.000 18.000 14.125 14.20 14.20
WES Westcorp 456.20 22.875 22.875 17.938 13.00 12.97
WFI Winton Financial Corp. 39.23 17.375 17.500 12.500 11.72 11.49
WFSG Wilshire Financial Services 234.67 16.250 16.250 13.500 9.11 9.11
WFSL Washington Federal Inc. 1,431.20 29.625 29.750 25.563 15.11 13.87
WHGB WHG Bancshares Corp. 23.58 15.250 15.250 13.750 14.16 14.16
WOFC Western Ohio Financial Corp. 60.66 27.125 27.125 21.250 23.40 21.84
WRNB Warren Bancorp Inc. 74.07 19.500 19.625 17.250 10.20 10.20
WSB Washington Savings Bank, FSB 31.25 6.250 7.000 4.875 5.16 5.16
WSFS WSFS Financial Corp. 230.18 18.375 18.750 13.500 6.66 6.61
WSTR WesterFed Financial Corp. 128.27 26.000 26.375 20.125 19.03 15.35
WVFC WVS Financial Corp. 54.20 29.125 29.25 25.75 19.38 19.38
WWFC Westwood Financial Corp. 17.83 27.625 27.625 18.250 15.95 14.27
WYNE Wayne Bancorp Inc. 42.54 24.500 24.875 19.000 16.49 16.49
YFCB Yonkers Financial Corporation 55.88 19.875 20.000 15.250 14.53 14.53
YFED York Financial Corp. 204.31 25.750 26.750 19.500 14.53 14.53
------------------------------------------------------------
Average 224.91 23.36 23.94 19.43 15.77 15.18
</TABLE>
<PAGE>
Page 24 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Balance Sheet Growth as of
Income Statement as of The Most Recent Quarter The Most Recent Quarter
------------------------------------------------------------------ ------------------------
Net Non- Non-
Interest Interest Interest interest interest
Net Income/ Expense/ Income Income/ Expense Effi- Over- Asset Loan Deposit
Interest Avg Avg Avg Avg Avg ciency head Growth Growth Growth
Margin Assets Assets Assets Assets Assets Ratio Ratio Rate Rate Rate
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
- ------------------------------- ----------------------------------------------------------- -----------------------------
Comparable Thrift Data
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ALBC Albion Banc Corp. 3.53 7.53 4.14 3.39 0.46 3.20 83.05 80.77 13.95 6.41 16.03
ATSB AmTrust Capital Corp. 2.75 6.92 4.29 2.63 0.59 2.85 88.42 85.84 (14.17 (10.99)(38.23)
CSBF CSB Financial Group Inc. 3.40 6.68 3.40 3.28 0.19 2.58 70.71 69.02 7.07 (4.82) 6.29
FCB Falmouth Bancorp Inc. 3.70 6.64 3.03 3.61 0.12 2.63 70.61 69.65 16.17 34.42 17.43
FFBI First Financial Bancorp Inc. 3.08 7.42 4.44 2.97 0.60 2.99 83.79 80.54 (37.0)(100.44) 4.34
GLMR Gilmer Financial Svcs, Inc. 2.39 7.78 5.43 2.35 0.34 2.41 89.32 87.80 7.45 2.51 20.03
HBBI Home Building Bancorp 3.53 7.58 4.16 3.43 0.26 2.42 65.74 63.11 (29.45) 4.92 (41.96)
HHFC Harvest Home Financial Corp. 2.82 7.24 4.47 2.77 0.07 1.63 57.52 56.51 21.63 10.50 (3.41)
SOBI Sobieski Bancorp Inc. 3.33 7.21 4.01 3.20 0.23 2.37 69.20 67.02 12.46 22.17 (6.21)
SZB SouthFirst Bancshares Inc. 3.85 7.52 3.94 3.58 1.51 4.13 81.08 73.11 18.83 27.83 (7.99)
--------------------------------------------------------------------------------------------------
Average 3.24 7.25 4.13 3.12 0.44 2.72 75.94 73.34 1.69 (0.75) (3.37)
Median 3.37 7.33 4.15 3.24 0.30 2.61 75.90 71.38 9.96 5.67 0.47
Maximum 3.85 7.78 5.43 3.61 1.51 4.13 89.32 87.80 21.63 34.42 20.03
Minimum 2.39 6.64 3.03 2.35 0.07 1.63 57.52 56.51 (37.03 (100.44)(41.96)
</TABLE>
<PAGE>
Page 24 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Market Data as of The Most Recent Quarter
------------------------------------------------------------
MRQ MRQ MRQ MRQ MRQ Public MRQ Tangible
Market Price Price Price Reported Publicly Rep
Value Per Share High Low Book Value Book Value
Ticker Short Name ($) ($) ($) ($) ($) ($)
- ------------------------------- ------------------------------------------------------------
Comparable Thrift Data
<S> <C> <C> <C> <C> <C> <C> <C>
ALBC Albion Banc Corp. 7.31 23.000 23.000 18.125 23.96 23.96
ATSB AmTrust Capital Corp. 7.63 13.875 13.875 12.500 14.46 14.32
CSBF CSB Financial Group Inc. 11.71 12.000 12.500 11.000 12.99 12.27
FCB Falmouth Bancorp Inc. 28.37 16.500 16.500 13.250 15.40 15.40
FFBI First Financial Bancorp Inc. 7.89 18.125 18.750 15.500 17.62 17.62
GLMR Gilmer Financial Svcs, Inc. 2.70 11.000 12.000 11.000 19.88 19.88
HBBI Home Building Bancorp 6.62 22.000 23.000 20.500 20.43 20.43
HHFC Harvest Home Financial Corp. 12.58 10.875 11.500 10.250 11.31 11.31
SOBI Sobieski Bancorp Inc. 14.81 17.000 17.750 14.750 17.26 17.26
SZB SouthFirst Bancshares Inc. 16.00 16.000 16.000 13.875 16.06 16.06
--------------------------------------------------------------
Average 11.56 16.04 16.49 14.08 16.94 16.85
Median 9.80 16.25 16.25 13.56 16.66 16.66
Maximum 28.37 23.00 23.00 20.50 23.96 23.96
Minimum 2.70 10.88 11.50 10.25 11.31 11.31
</TABLE>
<PAGE>
Page 25 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Dividends Current Pricing Data as of 11/14/97 Productivity
--------------------- --------------------------------------------------------- -------------
Current LTM Dividend Price/ Price/ Price/ Tang Full Time
Dividend Payout LTM Price/ Price/ Price/ Publicly RPublicly Rep Equivalent
Yield Ratio Core EPS Assets Earnings LTM EPS Book Value Book Value Employees
Ticker Short Name ($) (%) (x) (%) (x) (x) (%) (%) Most Recent
- ------------------------------- --------------------- --------------------------------------------------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
%CAL California Federal Bank, a FSB NA NA NA NA NA NA NA NA 4995
%CCMD Chevy Chase Bank, FSB NA NA NA NA NA NA NA NA 4142
AABC Access Anytime Bancorp Inc. 0.000 0.00 9.15 11.81 2.37 8.2 136.48 136.48 NA
AADV Advantage Bancorp Inc. 0.671 12.30 21.45 18.60 17.54 19.30 194.85 NA NA
ABBK Abington Bancorp Inc. 1.111 18.96 19.05 13.20 15.79 17.06 185.28 204.43 165
ABCL Alliance Bancorp Inc. 1.700 24.57 20.06 15.14 16.59 22.31 160.71 162.63 443
ABCW Anchor BanCorp Wisconsin 1.076 13.89 16.08 13.78 14.58 15.03 215.27 219.07 547
AFBC Advance Financial Bancorp 1.803 NA NA 18.41 17.07 NA 119.37 119.37 36
AFCB Affiliated Community Bancorp 2.115 27.59 16.31 16.32 16.50 16.31 164.21 165.07 205
AFED AFSALA Bancorp Inc. 1.297 NA NA 16.91 20.11 NA 116.21 116.21 44
AFFFZ America First Financial Fund 3.307 26.27 7.89 12.92 15.71 7.94 164.48 166.24 380
AHCI Ambanc Holding Co. 1.194 0.00 NA 15.17 29.91 NA 117.21 117.21 184
AHM Ahmanson & Company (H.F.) 1.516 25.43 19.55 11.71 17.28 16.78 287.87 338.76 NA
ALBC Albion Banc Corp. 1.094 114.81 30.15 10.66 36.56 108.33 122.08 122.08 NA
ALBK ALBANK Financial Corp. 1.646 23.68 16.57 15.15 16.32 16.45 163.92 186.09 1,223
AMFC AMB Financial Corp. 1.710 24.00 23.39 15.27 12.79 16.38 109.53 109.53 NA
ANA Acadiana Bancshares Inc. 1.591 NA NA 23.14 21.75 NA 133.24 133.24 NA
ANDB Andover Bancorp Inc. 2.013 25.7 15.53 15.18 14.98 15.16 186.88 186.88 279
ANE Alliance Bncorp of New England 1.168 12.83 15.86 11.52 13.81 14.89 156.39 160.20 87
ASBI Ameriana Bancorp 3.103 54.46 20.42 16.96 16.63 18.42 151.32 151.43 145
ASBP ASB Financial Corp. 3.019 760.56 19.78 20.03 17.43 18.66 128.64 128.64 22
ASFC Astoria Financial Corp. 1.101 17.99 19.96 14.25 16.82 18.86 184.68 218.35 933
ATSB AmTrust Capital Corp. 1.379 26.79 42.65 10.95 30.21 25.89 100.28 101.26 NA
AVND Avondale Financial Corp. 0.000 0.00 NA 9.26 NA NA 119.98 119.98 205
BANC BankAtlantic Bancorp Inc. 0.969 866.11 26.72 10.67 14.81 14.34 193.81 233.70 NA
BDJI First Federal Bancorporation 0.000 0.00 21.82 15.53 18.93 21.28 145.07 145.07 41
BFD BostonFed Bancorp Inc. 1.349 21.24 20.15 12.20 17.29 18.36 134.48 139.26 NA
BFFC Big Foot Financial Corp. 0.000 NA NA 21.90 46.88 NA 125.25 125.25 NA
BFSB Bedford Bancshares Inc. 2.000 41.32 17.95 23.61 18.42 23.14 157.75 157.75 36
BKC American Bank of Connecticut 3.130 48.90 17.10 17.45 13.69 14.42 198.11 205.54 135
BKCT Bancorp Connecticut Inc. 2.749 42.48 19.25 21.83 16.84 17.66 202.99 202.99 110
BKUNA BankUnited Financial Corp. 0.000 0.00 22.92 6.41 23.33 48.38 172.11 212.41 240
BNKU Bank United Corp. 1.329 23.14 22.41 11.12 16.72 17.41 222.41 227.58 1,541
BPLS Bank Plus Corp. 0.000 0.00 20.29 5.70 16.06 17.00 126.23 126.51 490
BSBC Branford Savings Bank 1.422 27.59 19.4 20.18 23.44 19.4 209.11 209.11 71
BTHL Bethel Bancorp 2.560 20.83 16.89 6.89 16.45 13.02 91.17 108.60 NA
BVCC Bay View Capital Corp. 0.938 24.24 23.21 13.40 37.09 25.85 230.42 275.87 627
BWFC Bank West Financial Corp. 1.455 30.43 42.31 23.40 16.18 23.91 165.41 165.41 NA
BYFC Broadway Financial Corp. 1.538 NA 31.71 8.88 20.31 NA 88.74 88.74 54
CAFI Camco Financial Corp. 2.286 44.02 16.98 14.93 12.64 21.46 156.04 169.14 175
CAPS Capital Savings Bancorp Inc. 1.371 20.17 15.09 13.67 14.11 14.71 147.43 147.43 81
CASB Cascade Financial Corp. 0.000 0.00 17.86 9.92 18.38 17.61 149.52 149.52 130
CASH First Midwest Financial Inc. 1.823 28.35 16.32 13.17 14.96 15.55 122.59 138.02 101
CATB Catskill Financial Corp. 1.612 25.61 21.72 27.94 19.74 21.19 112.75 112.75 65
CBCI Calumet Bancorp Inc. 0.000 0.00 16.16 20.75 16.22 15.84 127.93 127.93 135
CBES CBES Bancorp Inc. 2.013 23.44 17.13 19.10 15.53 15.53 112.93 112.93 54
CBK Citizens First Financial Corp. 0.000 0.00 34.86 16.85 34.86 31.25 111.20 111.20 105
CBSA Coastal Bancorp Inc. 1.617 18.72 13.14 5.06 14.27 12.63 147.48 175.46 NA
CBSB Charter Financial Inc. 1.471 26.92 20.52 22.95 12.08 20.91 158.64 179.31 104
CCFH CCF Holding Company 2.683 NA NA 16.68 NA NA 142.76 142.76 68
CEBK Central Co-operative Bank 1.255 16.44 17.35 14.55 20.56 17.47 146.55 163.78 85
CENB Century Bancorp Inc. 2.381 NA NA 33.90 20.00 NA 111.93 111.93 NA
CENF CENFED Financial Corp. 0.941 13.86 17.55 9.89 13.28 15.81 177.82 178.07 339
CFB Commercial Federal Corp. 0.588 9.40 15.93 14.26 15.26 15.98 231.30 258.41 1530
CFBC Community First Banking Co. 1.574 NA NA 23.32 NA NA 131.01 NA NA
CFCP Coastal Financial Corp. 1.500 28.99 23.3 22.57 18.18 20.17 344.33 344.33 172
CFFC Community Financial Corp. 2.409 36.67 15.50 16.18 22.36 15.50 122.43 122.43 NA
CFNC Carolina Fincorp Inc. 1.381 NA NA 28.20 21.72 NA 124.82 124.82 NA
CFSB CFSB Bancorp Inc. 2.084 30.24 18.64 19.3 15.39 17.45 250.38 250.38 NA
CFTP Community Federal Bancorp 1.791 400.00 23.93 35.91 29.91 23.93 125.00 125.00 33
CFX CFX Corp. 3.352 81.48 20.19 22.31 NA 24.31 256.10 265.69 NA
CIBI Community Investors Bancorp 2.098 26.68 14.52 14.81 13.62 14.52 126.14 126.14 26
CKFB CKF Bancorp Inc. 2.778 117.60 19.15 27.15 17.31 14.40 106.45 106.45 9
CLAS Classic Bancshares Inc. 1.785 36.36 21.49 15.68 19.61 28.52 105.50 124.81 NA
</TABLE>
<PAGE>
Page 25 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Income
------------------------------------------------------
Net Income Core Income
Net Income Core Income Core EPS Price/
Ticker Short Name Most Recent Qtr Most Recent Qtr Most Recent Qtr Core EPS
- ------------------------------- ---------------------------------------------------------
<S> <C> <C> <C> <C> <C>
%CAL California Federal Bank, a FSB 63,309 57,250 NA NA
%CCMD Chevy Chase Bank, FSB 2,796 (11,488) NA NA
AABC Access Anytime Bancorp Inc. 1,319 1,288 1.05 2.44
AADV Advantage Bancorp Inc. 2,917 2,588 0.75 19.88
ABBK Abington Bancorp Inc. 1,127 1,025 0.52 17.31
ABCL Alliance Bancorp Inc. 3,340 3,815 0.45 14.38
ABCW Anchor BanCorp Wisconsin 4,975 4,560 0.47 15.82
AFBC Advance Financial Bancorp 264 259 0.26 17.07
AFCB Affiliated Community Bancorp 2,949 2,850 0.42 16.89
AFED AFSALA Bancorp Inc. 310 310 0.23 20.11
AFFFZ America First Financial Fund 5,244 5,463 0.80 15.12
AHCI Ambanc Holding Co. 572 456 0.11 38.07
AHM Ahmanson & Company (H.F.) 95,539 94,968 0.83 17.49
ALBC Albion Banc Corp. 50 45 0.18 40.63
ALBK ALBANK Financial Corp. 9,378 9,306 0.66 16.57
AMFC AMB Financial Corp. 290 161 0.18 22.74
ANA Acadiana Bancshares Inc. 625 615 0.26 21.75
ANDB Andover Bancorp Inc. 3,348 3,297 0.62 15.22
ANE Alliance Bncorp of New England 523 260 0.15 28.54
ASBI Ameriana Bancorp 994 876 0.27 19.10
ASBP ASB Financial Corp. 246 246 0.19 17.43
ASFC Astoria Financial Corp. 16,892 14,826 0.71 19.19
ATSB AmTrust Capital Corp. 61 29 0.06 60.42
AVND Avondale Financial Corp. (9,318) (2,414) (0.69) NA
BANC BankAtlantic Bancorp Inc. 6,429 2,547 0.09 37.85
BDJI First Federal Bancorporation 194 200 0.35 18.39
BFD BostonFed Bancorp Inc. 1,701 1,479 0.26 19.95
BFFC Big Foot Financial Corp. 232 232 0.10 46.88
BFSB Bedford Bancshares Inc. 407 407 0.38 18.42
BKC American Bank of Connecticut 2,016 1,742 0.73 15.75
BKCT Bancorp Connecticut Inc. 1,507 1,305 0.47 19.35
BKUNA BankUnited Financial Corp. 1,991 1,986 0.14 23.33
BNKU Bank United Corp. 19,925 18,523 0.59 17.85
BPLS Bank Plus Corp. 3,408 3,171 0.17 17.00
BSBC Branford Savings Bank 422 422 0.06 23.44
BTHL Bethel Bancorp 302 263 0.16 19.53
BVCC Bay View Capital Corp. 3,064 4,949 0.37 23.06
BWFC Bank West Financial Corp. 592 223 0.13 42.31
BYFC Broadway Financial Corp. 145 145 0.16 20.31
CAFI Camco Financial Corp. 1,453 1,226 0.38 14.97
CAPS Capital Savings Bancorp Inc. 602 568 0.29 15.09
CASB Cascade Financial Corp. 646 746 0.20 15.63
CASH First Midwest Financial Inc. 927 846 0.30 16.46
CATB Catskill Financial Corp. 949 946 0.22 19.74
CBCI Calumet Bancorp Inc. 1,676 1,679 0.74 16.22
CBES CBES Bancorp Inc. 305 268 0.28 17.75
CBK Citizens First Financial Corp. 359 323 0.12 37.76
CBSA Coastal Bancorp Inc. 2,717 2,646 0.51 14.55
CBSB Charter Financial Inc. 1,909 1,071 0.25 21.75
CCFH CCF Holding Company 17 (99) (0.12) NA
CEBK Central Co-operative Bank 606 606 0.31 20.56
CENB Century Bancorp Inc. 396 396 1.05 20.00
CENF CENFED Financial Corp. 4,300 4,099 0.69 13.86
CFB Commercial Federal Corp. 17,108 16,726 0.76 15.67
CFBC Community First Banking Co. 916 916 NA NA
CFCP Coastal Financial Corp. 1,621 1,288 0.26 23.08
CFFC Community Financial Corp. 329 330 0.26 22.36
CFNC Carolina Fincorp Inc. 355 347 0.20 21.72
CFSB CFSB Bancorp Inc. 2,801 2,611 0.49 16.65
CFTP Community Federal Bancorp 615 586 0.13 32.21
CFX CFX Corp. (173) 5,832 0.34 19.30
CIBI Community Investors Bancorp 236 236 0.28 13.62
CKFB CKF Bancorp Inc. 225 224 0.26 17.31
CLAS Classic Bancshares Inc. 237 237 0.20 19.61
</TABLE>
<PAGE>
Page 26 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Dividends Current Pricing Data as of 11/14/97 Productivity
--------------------- --------------------------------------------------------- -------------
Current LTM Dividend Price/ Price/ Price/ Tang Full Time
Dividend Payout LTM Price/ Price/ Price/ Publicly RPublicly Rep Equivalent
Yield Ratio Core EPS Assets Earnings LTM EPS Book Value Book Value Employees
Ticker Short Name ($) (%) (x) (%) (x) (x) (%) (%) Most Recent
- ------------------------------- --------------------- --------------------------------------------------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CMRN Cameron Financial Corp 1.436 35.44 19.50 24.61 19.50 24.68 113.50 113.50 52
CMSB Commonwealth Bancorp Inc. 1.514 26.73 23.72 13.19 18.50 18.32 142.09 182.27 724
CMSV Community Savings Bnkshrs(MHC) 2.571 81.02 35.35 25.14 28.23 32.41 215.78 215.78 273
CNIT CENIT Bancorp Inc. 1.504 30.30 20.65 15.68 16.3 20.15 214.45 234.15 NA
CNSB CNS Bancorp Inc. 1.343 41.18 34.38 30.33 34.38 35.05 124.65 124.65 27
CNY Carver Bancorp Inc. 0.000 NA 40.15 7.38 22.08 NA 87.86 91.38 NA
COFI Charter One Financial 1.758 25.32 16.11 18.55 14.97 15.75 262.94 286.24 2,702
CONE Conestoga Bancorp, Inc. NA 28.17 NA NA NA NA NA NA 105
COOP Cooperative Bankshares Inc. 0.000 0 24.64 14.11 26.56 24.64 183.39 183.39 115
CRZY Crazy Woman Creek Bancorp 2.623 70.18 21.79 26.83 20.07 26.75 103.88 103.88 10
CSA Coast Savings Financial 0.000 0.00 19.56 12.10 14.24 20.89 232.80 235.51 NA
CSBF CSB Financial Group Inc. 0.000 0.00 46.07 23.98 51.83 73.16 95.75 101.37 15
CTZN CitFed Bancorp Inc. 0.716 11.50 17.51 13.2 16.11 17.51 210.43 231.57 753
CVAL Chester Valley Bancorp Inc. 1.605 27.74 20.25 17.75 16.75 19.21 202.68 202.68 109
DCBI Delphos Citizens Bancorp Inc. 0.000 NA NA 32.27 18.49 NA 121.16 121.16 21
DIBK Dime Financial Corp. 1.455 12.54 10.50 16.94 9.34 10.25 208.05 214.24 148
DIME Dime Community Bancorp Inc. 1.073 4.21 22.15 20.39 24.32 20.91 151.08 175.35 246
DME Dime Bancorp Inc. 0.686 6.45 19.11 12.19 15.34 18.80 224.60 235.96 3,162
DNFC D & N Financial Corp. 0.833 3.09 16.00 11.28 13.95 14.81 214.67 216.80 507
DSL Downey Financial Corp. 1.225 21.11 18.53 11.94 16.75 17.65 167.36 169.53 NA
EBSI Eagle Bancshares 3.243 95.24 17.96 12.34 17.13 29.37 148.59 148.59 529
EFBC Empire Federal Bancorp Inc. 1.860 NA NA 38.50 23.71 NA 103.04 103.04 37
EFBI Enterprise Federal Bancorp 3.883 143.44 25.25 18.55 22.99 21.11 160.14 160.24 NA
EGFC Eagle Financial Corp. 2.020 87.04 34.14 14.91 19.04 45.83 216.06 271.53 410
EGLB Eagle BancGroup Inc. 0.000 0.00 57.35 13.57 54.17 43.33 114.50 114.50 52
EIRE Emerald Isle Bancorp Inc. 0.878 17.83 19.20 16.17 19.92 20.30 231.31 231.31 112
EMLD Emerald Financial Corp. 1.263 20.17 17.12 15.97 15.83 15.97 204.74 207.88 121
EQSB Equitable Federal Savings Bank 0.000 0 13.18 8.50 13.1 21.12 168.60 168.60 NA
ESBK Elmira Savings Bank (The) 2.188 47.06 26.59 9.05 15.23 21.51 138.82 142.54 111
ESX Essex Bancorp Inc. 0.000 0.00 NA 2.78 NA NA NA NA 95
ETFS East Texas Financial Services 1.032 51.28 27.68 17.63 24.22 49.68 97.02 97.02 28
FAB FirstFed America Bancorp Inc. 0.000 NA NA 16.81 22.73 NA 127.96 127.96 NA
FBBC First Bell Bancorp Inc. 2.353 293.10 15.04 16.25 14.17 14.66 154.26 154.26 59
FBCI Fidelity Bancorp Inc. 1.320 21.74 17.57 13.61 15.95 17.57 129.96 130.24 NA
FBCV 1ST Bancorp 1.128 14.53 26.99 9.87 14.33 13.69 114.16 116.37 85
FBER 1st Bergen Bancorp 1.060 19.18 25.86 18.99 26.22 25.86 139.09 139.09 55
FBHC Fort Bend Holding Corp. 2.051 16.32 26.71 10.11 20.31 20.53 164.14 175.83 NA
FBNW FirstBank Corp. 1.659 NA NA NA NA NA NA NA 79
FBSI First Bancshares Inc. 0.792 11.76 16.40 16.95 12.88 14.85 121.75 121.75 63
FCB Falmouth Bancorp Inc. 1.026 28.85 39.00 30.20 40.63 37.50 126.62 126.62 28
FCBF FCB Financial Corp. 2.909 59.20 21.48 20.40 15.63 22.00 146.90 146.90 NA
FCME First Coastal Corp. 0.000 0 3.12 12.35 14.06 3 126.64 126.64 NA
FDEF First Defiance Financial 2.081 53.33 26.06 23.97 25.63 25.63 121.93 121.93 150
FED FirstFed Financial Corp. 0.000 0 16.37 9.07 15.99 16.37 175.85 177.63 433
FESX First Essex Bancorp Inc. 2.430 34.78 16.88 12.29 14.52 14.31 165.97 189.72 307
FFBA First Colorado Bancorp Inc. 2.313 37.84 18.69 22.61 16.21 18.69 172.92 175.25 292
FFBH First Federal Bancshares of AR 1.129 13.22 18.48 19.02 18.32 17.56 127.70 127.70 156
FFBI First Financial Bancorp Inc. 0.000 0.00 21.35 9.33 NA NA 107.83 107.83 37
FFBS FFBS BanCorp Inc. 2.174 208.33 19.17 26.80 19.17 19.17 152.62 152.62 32
FFBZ First Federal Bancorp Inc. 1.247 29.38 18.16 15.03 13.75 24.06 218.50 218.75 71
FFCH First Financial Holdings Inc. 2.000 32.29 19.35 15.61 18.42 18.83 255.32 255.32 543
FFDB FirstFed Bancorp Inc. 2.273 37.41 15.38 14.35 15.71 14.97 148.95 162.72 NA
FFDF FFD Financial Corp. 1.667 20.00 29.03 29.48 26.47 14.40 121.13 121.13 NA
FFED Fidelity Federal Bancorp 4.103 71.43 14.34 11.56 12.83 13.93 189.32 189.32 105
FFES First Federal of East Hartford 1.684 32.09 16.80 9.68 18.95 19.05 146.00 146.00 182
FFFC FFVA Financial Corp. 1.422 28.22 21.50 26.90 19.18 20.71 189.18 193.08 135
FFFD North Central Bancshares Inc. 1.351 21.74 16.09 28.02 14.92 16.09 122.27 122.27 NA
FFFL Fidelity Bankshares Inc. (MHC) 3.273 160.00 34.38 18.63 31.25 55.00 222.49 224.12 286
FFHH FSF Financial Corp. 2.632 47.17 18.10 14.73 15.83 17.92 117.00 117.00 90
FFHS First Franklin Corp. 1.649 33.33 20.04 12.50 18.37 23.77 138.65 139.45 50
FFIC Flushing Financial Corp. 1.103 18.87 20.33 18.08 18.13 20.52 127.34 132.62 NA
FFKY First Federal Financial Corp. 2.575 35.62 15.10 23.64 14.31 14.90 172.62 182.93 99
FFLC FFLC Bancorp Inc. 1.422 30.46 23.77 20.25 21.09 22.35 147.51 147.51 126
FFOH Fidelity Financial of Ohio 1.931 33.33 16.29 15.30 16.48 18.59 117.50 132.54 103
</TABLE>
<PAGE>
Page 26 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Income
------------------------------------------------------
Net Income Core Income
Net Income Core Income Core EPS Price/
Ticker Short Name Most Recent Qtr Most Recent Qtr Most Recent Qtr Core EPS
- ------------------------------- ---------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CMRN Cameron Financial Corp 637 637 0.25 19.50
CMSB Commonwealth Bancorp Inc. 4,001 2,918 0.18 25.69
CMSV Community Savings Bnkshrs(MHC) 1,549 1,151 0.23 38.04
CNIT CENIT Bancorp Inc. 1,709 1,596 0.95 17.50
CNSB CNS Bancorp Inc. 192 192 0.13 34.38
CNY Carver Bancorp Inc. 329 329 0.15 22.08
COFI Charter One Financial 47,809 46,260 0.92 15.46
CONE Conestoga Bancorp, Inc. 742 334 0.07 NA
COOP Cooperative Bankshares Inc. 526 526 0.16 26.56
CRZY Crazy Woman Creek Bancorp 172 177 0.20 19.06
CSA Coast Savings Financial 20,228 23,965 1.22 12.03
CSBF CSB Financial Group Inc. 52 51 0.06 51.83
CTZN CitFed Bancorp Inc. 7,003 7,000 0.78 16.11
CVAL Chester Valley Bancorp Inc. 853 796 0.36 18.14
DCBI Delphos Citizens Bancorp Inc. 467 467 0.24 18.49
DIBK Dime Financial Corp. 4,395 4,301 0.79 9.57
DIME Dime Community Bancorp Inc. 2,838 2,827 0.23 24.32
DME Dime Bancorp Inc. 39,527 37,678 0.36 16.19
DNFC D & N Financial Corp. 3,722 3,305 0.38 15.79
DSL Downey Financial Corp. 10,557 9,544 0.35 18.66
EBSI Eagle Bancshares 1,560 1,550 0.27 17.13
EFBC Empire Federal Bancorp Inc. 416 416 0.17 23.71
EFBI Enterprise Federal Bancorp 531 426 0.22 29.26
EGFC Eagle Financial Corp. 4,262 4,201 0.64 19.34
EGLB Eagle BancGroup Inc. 104 73 0.06 81.25
EIRE Emerald Isle Bancorp Inc. 923 982 0.43 18.53
EMLD Emerald Financial Corp. 1,577 1,503 0.29 16.38
EQSB Equitable Federal Savings Bank 532 528 0.82 13.26
ESBK Elmira Savings Bank (The) 331 174 0.25 29.25
ESX Essex Bancorp Inc. 390 254 (0.01) NA
ETFS East Texas Financial Services 191 183 0.19 25.49
FAB FirstFed America Bancorp Inc. 1,782 1,527 0.19 26.32
FBBC First Bell Bancorp Inc. 1,846 1,851 0.30 14.17
FBCI Fidelity Bancorp Inc. 1,082 1,082 0.38 15.95
FBCV 1ST Bancorp 455 411 0.59 15.78
FBER 1st Bergen Bancorp 490 490 0.18 26.22
FBHC Fort Bend Holding Corp. 503 402 0.19 25.66
FBNW FirstBank Corp. 225 108 NA NA
FBSI First Bancshares Inc. 521 464 0.44 14.35
FCB Falmouth Bancorp Inc. 172 164 0.11 44.32
FCBF FCB Financial Corp. 1,690 1,563 0.41 16.77
FCME First Coastal Corp. 334 263 0.19 17.76
FDEF First Defiance Financial 1,383 1,308 0.14 27.46
FED FirstFed Financial Corp. 5,971 5,942 0.55 15.99
FESX First Essex Bancorp Inc. 2,650 2,298 0.29 17.03
FFBA First Colorado Bancorp Inc. 5,180 5,129 0.32 16.21
FFBH First Federal Bancshares of AR 1,311 1,311 0.29 18.32
FFBI First Financial Bancorp Inc. (194) 85 0.21 22.62
FFBS FFBS BanCorp Inc. 451 451 0.30 19.17
FFBZ First Federal Bancorp Inc. 608 549 0.32 15.04
FFCH First Financial Holdings Inc. 3,607 3,497 0.55 19.09
FFDB FirstFed Bancorp Inc. 420 420 0.35 15.71
FFDF FFD Financial Corp. 224 224 0.17 26.47
FFED Fidelity Federal Bancorp 509 467 0.17 14.34
FFES First Federal of East Hartford 1,324 1,455 0.52 17.13
FFFC FFVA Financial Corp. 2,082 1,966 0.42 20.09
FFFD North Central Bancshares Inc. 973 973 0.31 14.92
FFFL Fidelity Bankshares Inc. (MHC) 1,465 1,460 0.22 31.25
FFHH FSF Financial Corp. 854 844 0.30 15.83
FFHS First Franklin Corp. 409 373 0.30 20.21
FFIC Flushing Financial Corp. 2,193 2,217 0.30 18.13
FFKY First Federal Financial Corp. 1,604 1,528 0.36 15.10
FFLC FFLC Bancorp Inc. 926 723 0.31 27.22
FFOH Fidelity Financial of Ohio 1,216 1,195 0.22 16.48
</TABLE>
<PAGE>
Page 27 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Dividends Current Pricing Data as of 11/14/97 Productivity
--------------------- --------------------------------------------------------- -------------
Current LTM Dividend Price/ Price/ Price/ Tang Full Time
Dividend Payout LTM Price/ Price/ Price/ Publicly RPublicly Rep Equivalent
Yield Ratio Core EPS Assets Earnings LTM EPS Book Value Book Value Employees
Ticker Short Name ($) (%) (x) (%) (x) (x) (%) (%) Most Recent
- ------------------------------- --------------------- --------------------------------------------------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FFPB First Palm Beach Bancorp Inc. 1.534 32.43 25.24 10.92 20.38 21.15 174.74 178.90 427
FFSL First Independence Corp. 1.667 34.93 22.06 13.04 18.75 22.06 127.33 127.33 24
FFSX First Fed SB of Siouxland(MHC) 1.483 40.34 27.91 20.08 26.98 27.21 229.94 231.75 160
FFWC FFW Corp. 2.182 26.83 13.69 13.00 12.50 13.41 133.93 147.58 52
FFWD Wood Bancorp Inc. 2.162 29.05 19.89 23.54 16.52 18.32 189.36 189.36 47
FFYF FFY Financial Corp. 2.667 37.84 16.48 20.24 15.31 16.22 147.78 147.78 175
FGHC First Georgia Holding Inc. 0.646 17.77 22.30 16.10 17.19 27.50 195.96 213.73 82
FIBC Financial Bancorp Inc. 1.693 25.00 14.86 13.60 14.77 15.75 150.38 151.05 56
FISB First Indiana Corporation 1.949 29.87 18.80 16.81 14.32 15.59 174.40 176.52 592
FKFS First Keystone Financial 0.623 8.81 15.44 10.57 13.17 14.15 159.43 159.43 74
FKKY Frankfort First Bancorp Inc. 3.692 NA 37.50 24.00 20.31 NA 142.54 142.54 25
FLAG FLAG Financial Corp. 1.959 NA 133.53 15.93 17.36 NA 166.27 166.27 111
FLFC First Liberty Financial Corp. 1.495 29.52 17.48 16.03 14.86 20.42 217.48 241.21 543
FLGS Flagstar Bancorp Inc. 0.000 NA NA 12.52 10.35 41.39 209.51 218.09 NA
FLKY First Lancaster Bancshares 3.131 45.45 29.03 32.20 33.27 29.03 109.23 109.23 NA
FMBD First Mutual Bancorp Inc. 1.620 94.12 63.71 17.21 61.72 58.09 117.77 154.54 168
FMCO FMS Financial Corp. 0.978 13.16 12.89 12.32 11.93 18.83 187.83 191.22 274
FMSB First Mutual Savings Bank 0.750 12.47 17.75 16.00 16.44 17.40 235.72 235.72 NA
FNGB First Northern Capital Corp. 2.370 49.22 21.77 18.17 19.85 21.09 163.83 163.83 215
FOBC Fed One Bancorp 2.480 44.03 18.80 16.59 18.94 18.66 143.27 149.88 129
FPRY First Financial Bancorp NA 39.66 NA NA NA NA NA NA NA
FSBI Fidelity Bancorp Inc. 1.500 29.92 14.37 10.24 14.63 22.64 151.61 151.61 106
FSFC First Southeast Financial Corp 1.530 27.16 19.37 19.67 18.68 19.37 191.32 191.32 116
FSFF First SecurityFed Financial 0.000 NA NA NA NA NA NA NA 66
FSLA First Savings Bank (MHC) 1.231 34.97 33.33 29.90 44.32 34.82 314.77 346.36 209
FSNJ Bayonne Bancshares Inc. 1.417 NA NA NA NA NA NA NA NA
FSPG First Home Bancorp Inc. 1.720 23.26 13.84 11.99 13.84 13.52 174.68 177.35 119
FSPT FirstSpartan Financial Corp. 1.600 NA NA 34.44 NA NA 128.56 128.56 114
FSSB First FS&LA of San Bernardino 0.000 0.00 NA 3.05 NA NA 70.36 73.03 51
FSTC First Citizens Corp. 1.143 15.60 13.75 20.83 5.87 13.65 214.01 275.2 NA
FTF Texarkana First Financial Corp 2.240 253.83 14.97 26.12 13.30 18.25 166.33 166.33 35
FTFC First Federal Capital Corp. 1.803 27.31 19.29 15.65 13.87 16.04 232.33 246.53 670
FTNB Fulton Bancorp Inc. 1.013 NA NA 33.77 21.47 NA 134.45 134.45 44
FTSB Fort Thomas Financial Corp. 1.786 37.97 17.72 21.39 15.22 17.72 132.58 132.58 19
FWWB First SB of Washington Bancorp 1.187 20 19.18 22.01 17.35 18.15 149.05 161.38 NA
GAF GA Financial Inc. 2.494 39.58 20.48 19.13 16.59 20.05 130.77 132.03 204
GBCI Glacier Bancorp Inc. 2.313 37.16 16.6 24.64 15.26 17.01 246.73 253.05 247
GDVS Greater Delaware Valley (MHC) 1.152 52.94 45.96 41.10 45.96 45.96 353.11 353.11 69
GDW Golden West Financial 0.593 7.47 14.55 12.21 13.35 14.33 186.01 186.01 4,088
GFCO Glenway Financial Corp. 2.667 35.86 15.54 11.66 13.89 15.15 123.25 124.74 NA
GFED Guaranty Federal SB (MHC) 1.796 102.70 44.55 38.38 38.28 66.22 278.41 278.41 62
GFSB GFS Bancorp Inc. 1.535 20.54 15.12 17.71 14.60 15.12 153.84 153.84 NA
GLMR Gilmer Financial Svcs, Inc. 0.000 0 20.77 6.41 NA 117.71 71.05 71.05 12
GOSB GSB Financial Corp. 0.000 NA NA NA NA NA NA NA NA
GPT GreenPoint Financial Corp. 1.541 26.69 18.91 21.22 17.07 18.22 192.79 359.62 1,962
GSB Golden State Bancorp Inc. 0.000 0.00 19.58 9.92 20.20 23.59 199.96 223.46 NA
GSBC Great Southern Bancorp Inc. 2.047 26.14 14.83 23.88 11.44 14.05 275.99 275.99 423
GSFC Green Street Financial Corp. 2.496 85.07 26.31 42.57 25.92 26.31 120.39 120.39 31
GSLA GS Financial Corp. 1.623 NA NA 45.25 25.37 NA 104.93 104.93 NA
GTFN Great Financial Corp. 1.348 24.77 27.64 21.26 18.86 20.41 211.10 219.97 846
GTPS Great American Bancorp 2.051 102.56 45.35 23.71 37.50 50.00 105.75 105.75 NA
GUPB GFSB Bancorp Inc. 2.000 51.95 20.83 17.07 14.29 25.97 114.88 114.88 18
GWBC Gateway Bancorp Inc. 2.038 78.43 NA 33.08 35.04 38.48 122.27 122.27 9
HALL Hallmark Capital Corp. 0.000 0 15.73 9.65 15.91 15.47 132.26 132.26 73
HARB Harbor Florida Bancorp (MHC) 2.276 50.75 23.30 27.04 21.96 23.12 316.03 326.26 327
HARL Harleysville Savings Bank 1.467 19.30 14.93 14.44 15.00 14.93 218.02 218.02 53
HARS Harris Financial Inc. (MHC) 1.217 37.18 42.05 28.95 29.48 34.78 352.96 399.19 495
HAVN Haven Bancorp Inc. 1.500 23.72 15.75 9.57 18.87 15.81 159.55 160.06 630
HBBI Home Building Bancorp 1.412 26.09 18.81 15.86 19.68 18.48 104.01 104.01 15
HBEI Home Bancorp of Elgin Inc. 2.286 43.48 39.77 35.03 43.75 38.04 127.09 127.09 NA
HBFW Home Bancorp 0.825 26.32 20.73 18.28 19.56 31.91 137.63 137.63 81
HBNK Highland Federal Bank FSB 0.000 0.00 17.68 14.26 10.96 13.56 186.05 186.05 116
HBS Haywood Bancshares Inc. 2.732 35.90 13.14 16.78 7.77 13.14 118.29 122.46 NA
HCBB HCB Bancshares Inc. 0.000 NA NA 17.82 NA NA 94.60 98.32 65
</TABLE>
<PAGE>
Page 27 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Income
------------------------------------------------------
Net Income Core Income
Net Income Core Income Core EPS Price/
Ticker Short Name Most Recent Qtr Most Recent Qtr Most Recent Qtr Core EPS
- ------------------------------- ---------------------------------------------------------
<S> <C> <C> <C> <C> <C>
FFPB First Palm Beach Bancorp Inc. 2,455 2,018 0.39 25.08
FFSL First Independence Corp. 203 203 0.20 18.75
FFSX First Fed SB of Siouxland(MHC) 841 809 0.29 27.91
FFWC FFW Corp. 470 460 0.65 12.69
FFWD Wood Bancorp Inc. 612 541 0.25 18.50
FFYF FFY Financial Corp. 1,903 1,872 0.48 15.63
FGHC First Georgia Holding Inc. 381 381 0.12 17.19
FIBC Financial Bancorp Inc. 670 670 0.40 14.77
FISB First Indiana Corporation 4,706 3,699 0.34 18.11
FKFS First Keystone Financial 696 639 0.56 14.34
FKKY Frankfort First Bancorp Inc. 376 376 0.12 20.31
FLAG FLAG Financial Corp. 509 378 0.19 22.84
FLFC First Liberty Financial Corp. 3,496 3,195 0.41 16.31
FLGS Flagstar Bancorp Inc. 6,194 6,194 0.45 10.35
FLKY First Lancaster Bancshares 111 111 0.12 33.27
FMBD First Mutual Bancorp Inc. 271 222 0.07 70.54
FMCO FMS Financial Corp. 1,457 1,456 0.60 11.93
FMSB First Mutual Savings Bank 1,167 1,177 0.27 16.44
FNGB First Northern Capital Corp. 1,586 1,494 0.16 21.09
FOBC Fed One Bancorp 803 784 0.32 19.53
FPRY First Financial Bancorp 257 141 0.15 NA
FSBI Fidelity Bancorp Inc. 656 645 0.40 15.00
FSFC First Southeast Financial Corp 926 926 0.21 18.68
FSFF First SecurityFed Financial NA NA NA NA
FSLA First Savings Bank (MHC) 1,805 2,294 0.28 34.82
FSNJ Bayonne Bancshares Inc. 838 838 NA NA
FSPG First Home Bancorp Inc. 1,152 1,123 0.41 14.18
FSPT FirstSpartan Financial Corp. 2,035 2,035 NA NA
FSSB First FS&LA of San Bernardino (32) (32) (0.10) NA
FSTC First Citizens Corp. 3,228 3,058 1.55 6.21
FTF Texarkana First Financial Corp 797 795 0.47 13.30
FTFC First Federal Capital Corp. 4,691 3,515 0.36 18.49
FTNB Fulton Bancorp Inc. 398 289 0.17 29.04
FTSB Fort Thomas Financial Corp. 323 323 0.23 15.22
FWWB First SB of Washington Bancorp 3,297 3,101 0.32 18.43
GAF GA Financial Inc. 2,166 2,086 0.28 17.19
GBCI Glacier Bancorp Inc. 2,318 2,305 0.34 15.26
GDVS Greater Delaware Valley (MHC) 549 549 0.17 45.96
GDW Golden West Financial 90,007 88,782 1.56 13.52
GFCO Glenway Financial Corp. 613 613 0.54 13.89
GFED Guaranty Federal SB (MHC) 506 481 0.15 40.83
GFSB GFS Bancorp Inc. 298 300 0.29 14.60
GLMR Gilmer Financial Svcs, Inc. (54) (57) (0.32) NA
GOSB GSB Financial Corp. 125 124 NA NA
GPT GreenPoint Financial Corp. 36,093 35,596 0.94 17.25
GSB Golden State Bancorp Inc. 28,517 31,460 0.45 17.95
GSBC Great Southern Bancorp Inc. 3,860 3,433 0.42 12.80
GSFC Green Street Financial Corp. 723 723 0.17 25.92
GSLA GS Financial Corp. 529 529 0.17 25.37
GTFN Great Financial Corp. 8,148 5,667 0.41 27.13
GTPS Great American Bancorp 228 228 0.13 37.50
GUPB GFSB Bancorp Inc. 284 285 0.35 14.29
GWBC Gateway Bancorp Inc. 155 155 0.14 35.04
HALL Hallmark Capital Corp. 645 656 0.45 15.56
HARB Harbor Florida Bancorp (MHC) 3,510 3,476 0.69 22.28
HARL Harleysville Savings Bank 861 861 0.50 15.00
HARS Harris Financial Inc. (MHC) 5,258 4,315 0.38 35.69
HAVN Haven Bancorp Inc. 2,451 2,553 0.55 18.18
HBBI Home Building Bancorp 78 78 0.27 19.68
HBEI Home Bancorp of Elgin Inc. 623 623 0.10 43.75
HBFW Home Bancorp 738 738 0.31 19.56
HBNK Highland Federal Bank FSB 1,739 1,145 0.48 16.67
HBS Haywood Bancshares Inc. 827 827 0.66 7.77
HCBB HCB Bancshares Inc. (5) (5) NA NA
</TABLE>
<PAGE>
Page 28 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Dividends Current Pricing Data as of 11/14/97 Productivity
--------------------- --------------------------------------------------------- -------------
Current LTM Dividend Price/ Price/ Price/ Tang Full Time
Dividend Payout LTM Price/ Price/ Price/ Publicly RPublicly Rep Equivalent
Yield Ratio Core EPS Assets Earnings LTM EPS Book Value Book Value Employees
Ticker Short Name ($) (%) (x) (%) (x) (x) (%) (%) Most Recent
- ------------------------------- --------------------- --------------------------------------------------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
HCFC Home City Financial Corp. 1.925 NA NA 21.45 14.33 NA 109.38 109.38 NA
HEMT HF Bancorp Inc. 0.000 0.00 52.08 9.34 48.83 NA 117.84 141.40 NA
HFFB Harrodsburg First Fin Bancorp 2.370 93.22 22.50 31.36 21.09 28.60 107.62 107.62 15
HFFC HF Financial Corp. 1.697 20.05 14.39 12.07 11.25 13.24 135.84 135.84 262
HFGI Harrington Financial Group 0.955 8.82 22.84 7.85 31.41 18.48 162.31 162.31 59
HFNC HFNC Financial Corp. 2.000 788.06 24.14 27.77 13.46 20.9 147.68 147.68 123
HFSA Hardin Bancorp Inc. 2.743 45.83 19.23 12.81 19.89 18.23 111.11 111.11 19
HHFC Harvest Home Financial Corp. 3.200 NA 25.94 14.36 18.09 52.88 121.57 121.57 17
HIFS Hingham Instit. for Savings 1.778 26.77 13.64 16.28 12.98 13.64 167.70 167.70 63
HMCI HomeCorp Inc. 0.000 0 31.42 12.15 22.36 25.27 177.89 177.89 177
HMLK Hemlock Federal Financial Corp 1.401 NA NA 21.96 19.46 NA 113.71 113.71 53
HMNF HMN Financial Inc. 0.000 0.00 21.67 19.25 17.11 18.44 129.42 129.42 NA
HOMF Home Federal Bancorp 1.307 17.86 16.78 18.74 13.86 15.18 216.59 223.16 249
HPBC Home Port Bancorp Inc. 3.616 45.45 12.64 20.27 12.29 12.57 189.91 189.91 49
HRBF Harbor Federal Bancorp Inc. 2.233 44.68 22.87 16.76 21.50 22.87 128.43 128.43 NA
HRZB Horizon Financial Corp. 2.647 62.01 15.25 23.27 14.84 14.98 148.84 148.84 121
HTHR Hawthorne Financial Corp. 0.000 0.00 14.40 6.24 9.57 13.64 128.48 128.48 NA
HWEN Home Financial Bancorp 1.212 26.67 25.38 18.55 21.71 22.00 105.70 105.70 18
HZFS Horizon Financial Svcs Corp. 1.532 20.51 18.65 11.39 10.13 15.06 114.41 114.41 NA
IBSF IBS Financial Corp. 2.581 99.37 28.70 23.10 32.29 28.70 132.59 132.59 130
IFSB Independence Federal Svgs Bank 1.544 33.33 25.91 7.06 6.99 21.59 102.59 116.04 73
INBI Industrial Bancorp Inc. 3.246 33.66 17.97 25.20 17.25 17.08 146.68 146.68 83
INCB Indiana Community Bank SB 1.756 189.47 39.42 20.17 73.21 107.89 165.72 165.72 55
IPSW Ipswich Savings Bank 1.000 13.10 17.65 14.09 13.04 14.29 251.05 251.05 63
ISBF ISB Financial Corp. 2.105 45.12 21.21 17.30 21.99 28.96 134.87 158.54 NA
ITLA ITLA Capital Corp. 0.000 0.00 13.17 17.08 12.27 13.17 159.29 NA NA
IWBK InterWest Bancorp Inc. 1.707 23.79 17.20 14.75 14.65 15.12 232.49 236.74 621
JOAC Joachim Bancorp Inc. 3.333 227.27 40.54 31.02 34.09 68.18 110.13 110.13 14
JSB JSB Financial Inc. 2.955 47.37 18.65 30.63 14.44 16.62 131.93 131.93 NA
JSBA Jefferson Savings Bancorp 0.976 38.30 19.16 15.88 18.30 43.62 171.12 220.55 NA
JXSB Jacksonville Savings Bk (MHC) 1.495 117.65 41.80 20.91 37.15 78.68 199.33 199.33 80
JXVL Jacksonville Bancorp Inc. 2.667 64.94 8.22 20.64 11.43 24.35 138.38 138.38 71
KFBI Klamath First Bancorp 1.561 34.09 23.30 20.95 23.30 23.30 131.07 NA 222
KNK Kankakee Bancorp Inc. 1.567 22.55 15.24 12.84 15.63 15.01 112.39 119.21 114
KSAV KS Bancorp Inc. 2.667 71.02 17.18 18.12 18.15 17.05 136.86 136.94 NA
KSBK KSB Bancorp Inc. 0.552 5.68 11.15 12.00 9.54 11.24 162.92 171.39 NA
KYF Kentucky First Bancorp Inc. 3.704 437.50 17.09 19.96 15.34 16.88 119.57 119.57 21
LARK Landmark Bancshares Inc. 1.667 37.74 18.75 18.00 17.14 22.64 130.51 130.51 45
LARL Laurel Capital Group Inc. 1.926 23.47 14.29 18.59 13.24 13.78 177.63 177.63 50
LFBI Little Falls Bancorp Inc. 1.053 19.40 31.67 15.27 26.39 28.36 130.76 141.79 NA
LFCO Life Financial Corp. 0.000 NA NA 36.42 6.82 NA 216.60 216.60 NA
LFED Leeds Federal Savings Bk (MHC) 2.394 104.35 33.42 38.22 30.53 46.01 234.66 234.66 31
LIFB Life Bancorp Inc. 1.631 33.33 22.82 19.50 21.03 21.33 182.05 187.26 219
LISB Long Island Bancorp Inc. 1.364 28.85 24.86 17.82 20.00 21.15 193.49 195.30 1,446
LOGN Logansport Financial Corp. 2.581 44.44 16.49 22.77 16.85 17.22 120.53 120.53 13
LONF London Financial Corporation 1.627 46.15 19.16 19.87 21.69 28.37 101.03 101.03 9
LSBI LSB Financial Corp. 1.308 19.07 17.69 11.90 14.13 15.57 128.46 128.46 63
LSBX Lawrence Savings Bank 0.000 0.00 10.13 16.84 9.91 10.13 176.98 176.98 99
LVSB Lakeview Financial 0.496 10.19 29.02 22.51 16.61 21.04 184.17 214.89 87
LXMO Lexington B&L Financial Corp. 1.791 26.32 22.04 32.19 19.03 29.39 113.71 113.71 9
MAFB MAF Bancorp Inc. 0.875 11.11 13.73 14.48 13.79 13.68 185.83 211.50 850
MARN Marion Capital Holdings 3.200 52.83 17.52 27.16 19.10 17.30 123.76 123.76 NA
MASB MASSBANK Corp. 2.220 30.56 17.03 16.51 15.45 16.02 153.10 155.41 185
MBB MSB Bancorp Inc. 2.051 53.57 26.12 10.75 22.16 26.12 130.58 244.97 NA
MBBC Monterey Bay Bancorp Inc. 0.649 18.64 33.64 14.59 28.91 31.36 118.59 127.94 NA
MBLF MBLA Financial Corp. 1.553 29.85 18.80 14.58 16.94 19.22 115.21 115.21 13
MBSP Mitchell Bancorp Inc. 2.336 64.52 27.62 46.08 28.54 27.62 111.49 111.49 6
MCBN Mid-Coast Bancorp Inc. 1.793 26.8 15.76 10.99 13.43 14.95 128.04 128.04 25
MCBS Mid Continent Bancshares Inc. 1.026 21.28 18.40 18.69 16.53 20.74 195.68 195.68 160
MDBK Medford Savings Bank 2.110 35.98 15.37 14.01 14.97 14.28 155.40 165.82 255
MECH Mechanics Savings Bank 0.000 0.00 9.33 15.93 17.36 9.33 153.09 153.09 NA
MERI Meritrust Federal SB 1.393 21.54 15.46 16.67 15.70 15.46 201.89 201.89 95
METF Metropolitan Financial Corp. 0.000 0.00 19.20 10.79 15.77 18.03 267.68 293.47 277
MFBC MFB Corp. 1.376 28.07 20.39 15.00 20.04 20.39 114.48 114.48 69
</TABLE>
<PAGE>
Page 28 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Income
------------------------------------------------------
Net Income Core Income
Net Income Core Income Core EPS Price/
Ticker Short Name Most Recent Qtr Most Recent Qtr Most Recent Qtr Core EPS
- ------------------------------- ---------------------------------------------------------
<S> <C> <C> <C> <C> <C>
HCFC Home City Financial Corp. 243 243 0.29 14.33
HEMT HF Bancorp Inc. 502 448 0.07 55.80
HFFB Harrodsburg First Fin Bancorp 378 378 0.20 21.09
HFFC HF Financial Corp. 1,684 1,540 0.50 12.38
HFGI Harrington Financial Group 317 236 0.07 44.87
HFNC HFNC Financial Corp. 4,074 1,902 0.12 29.17
HFSA Hardin Bancorp Inc. 178 166 0.21 20.83
HHFC Harvest Home Financial Corp. 171 170 0.19 18.09
HIFS Hingham Instit. for Savings 681 681 0.52 12.98
HMCI HomeCorp Inc. 481 391 0.21 27.68
HMLK Hemlock Federal Financial Corp 420 420 0.22 19.46
HMNF HMN Financial Inc. 1,524 1,131 0.28 23.21
HOMF Home Federal Bancorp 2,461 2,229 0.62 15.42
HPBC Home Port Bancorp Inc. 822 814 0.45 12.29
HRBF Harbor Federal Bancorp Inc. 411 411 0.25 21.50
HRZB Horizon Financial Corp. 2,048 1,810 0.25 16.63
HTHR Hawthorne Financial Corp. 3,214 3,212 0.47 9.57
HWEN Home Financial Bancorp 80 59 0.14 29.46
HZFS Horizon Financial Svcs Corp. 247 177 0.21 13.99
IBSF IBS Financial Corp. 1,278 1,278 0.12 32.29
IFSB Independence Federal Svgs Bank 645 37 0.03 118.75
INBI Industrial Bancorp Inc. 1,230 1,230 0.25 17.25
INCB Indiana Community Bank SB 73 73 0.07 73.21
IPSW Ipswich Savings Bank 573 448 0.18 16.67
ISBF ISB Financial Corp. 1,752 1,785 0.28 21.21
ITLA ITLA Capital Corp. 3,188 3,188 0.40 12.27
IWBK InterWest Bancorp Inc. 5,241 3,994 0.49 19.13
JOAC Joachim Bancorp Inc. 82 82 0.11 34.09
JSB JSB Financial Inc. 8,554 6,686 0.64 18.51
JSBA Jefferson Savings Bancorp 2,671 2,618 0.55 18.64
JXSB Jacksonville Savings Bk (MHC) 229 178 0.14 47.77
JXVL Jacksonville Bancorp Inc. 974 974 0.41 11.43
KFBI Klamath First Bancorp 2,114 2,114 0.22 23.30
KNK Kankakee Bancorp Inc. 736 719 0.48 15.95
KSAV KS Bancorp Inc. 296 296 0.31 18.15
KSBK KSB Bancorp Inc. 448 425 0.36 10.07
KYF Kentucky First Bancorp Inc. 267 260 0.21 16.07
LARK Landmark Bancshares Inc. 627 548 0.31 19.35
LARL Laurel Capital Group Inc. 777 750 0.49 13.78
LFBI Little Falls Bancorp Inc. 457 457 0.18 26.39
LFCO Life Financial Corp. 3,931 3,931 0.60 6.82
LFED Leeds Federal Savings Bk (MHC) 884 884 0.26 30.53
LIFB Life Bancorp Inc. 3,430 3,243 0.33 22.30
LISB Long Island Bancorp Inc. 12,943 10,513 0.45 24.44
LOGN Logansport Financial Corp. 297 309 0.24 16.15
LONF London Financial Corporation 81 81 0.17 21.69
LSBI LSB Financial Corp. 414 373 0.41 15.85
LSBX Lawrence Savings Bank 1,570 1,558 0.35 9.91
LVSB Lakeview Financial 1,907 847 0.17 37.13
LXMO Lexington B&L Financial Corp. 226 226 0.22 19.03
MAFB MAF Bancorp Inc. 9,196 9,055 0.57 14.04
MARN Marion Capital Holdings 660 660 0.36 19.10
MASB MASSBANK Corp. 2,589 2,324 0.63 17.16
MBB MSB Bancorp Inc. 1,230 1,183 0.31 23.59
MBBC Monterey Bay Bancorp Inc. 511 401 0.13 35.58
MBLF MBLA Financial Corp. 505 505 0.38 16.94
MBSP Mitchell Bancorp Inc. 125 125 0.15 28.54
MCBN Mid-Coast Bancorp Inc. 126 116 0.50 14.50
MCBS Mid Continent Bancshares Inc. 1,127 1,127 0.59 16.53
MDBK Medford Savings Bank 2,710 2,633 0.55 15.51
MECH Mechanics Savings Bank 1,910 1,898 0.36 17.36
MERI Meritrust Federal SB 657 657 0.80 15.70
METF Metropolitan Financial Corp. 1,489 1,406 0.40 16.56
MFBC MFB Corp. 496 496 0.29 20.04
</TABLE>
<PAGE>
Page 29 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Dividends Current Pricing Data as of 11/14/97 Productivity
--------------------- --------------------------------------------------------- -------------
Current LTM Dividend Price/ Price/ Price/ Tang Full Time
Dividend Payout LTM Price/ Price/ Price/ Publicly RPublicly Rep Equivalent
Yield Ratio Core EPS Assets Earnings LTM EPS Book Value Book Value Employees
Ticker Short Name ($) (%) (x) (%) (x) (x) (%) (%) Most Recent
- ------------------------------- --------------------- --------------------------------------------------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MFCX Marshalltown Financial Corp. 0.000 0.00 31.71 19.26 35.68 30.04 119.17 119.17 32
MFFC Milton Federal Financial Corp. 3.983 490.48 26.90 16.54 23.54 23.91 122.36 122.36 58
MFLR Mayflower Co-operative Bank 2.863 38.85 19.15 16.83 16.05 17.09 173.74 176.71 47
MFSL Maryland Federal Bancorp 1.750 33.70 14.59 13.21 16.67 20.87 155.69 NA NA
MIFC Mid-Iowa Financial Corp. 0.790 11.43 NA 13.52 8.73 14.46 144.64 144.85 36
MIVI Mississippi View Holding Co. 0.908 16.67 18.55 19.03 18.36 18.36 108.13 108.13 NA
MLBC ML Bancorp Inc. 1.400 30.95 31.74 14.63 20.40 22.67 198.22 212.52 471
MONT Montgomery Financial Corp. 1.743 NA NA 20.46 NA NA 106.90 106.90 32
MRKF Market Financial Corp. 1.836 NA NA 36.00 29.33 NA 102.83 102.83 9
MSBF MSB Financial Inc. 1.600 29.78 20.35 28.03 18.23 19.66 169.41 169.41 19
MSBK Mutual Savings Bank FSB 0.000 0 NA 8.10 77.34 82.5 127.18 127.18 237
MWBI Midwest Bancshares Inc. 1.385 17.96 17.69 11.77 11.40 15.57 170.21 170.21 39
MWBX MetroWest Bank 1.488 31.13 15.21 19.21 14.40 15.21 257.60 257.60 174
MWFD Midwest Federal Financial 1.333 24.62 20.56 20.05 14.49 19.62 227.48 235.89 92
NASB North American Savings Bank 1.509 17.60 13.87 16.04 10.69 13.09 208.91 216.15 245
NBN Northeast Bancorp 1.164 26.89 29.26 13.40 20.22 23.11 192.71 218.08 NA
NBSI North Bancshares Inc. 1.786 61.33 40.11 21.17 55.99 35.83 157.72 157.72 34
NEIB Northeast Indiana Bancorp 1.639 26.45 17.15 19.22 15.72 17.15 133.78 133.78 40
NHTB New Hampshire Thrift Bncshrs 2.500 50.51 25.00 12.99 15.15 20.20 166.11 193.42 113
NASB NewMil Bancorp Inc. 2.286 37.50 23.33 16.92 20.59 21.88 166.27 166.27 124
NSLB NS&L Bancorp Inc. 2.649 113.64 31.46 22.36 24.84 42.9 114.32 114.32 19
NSSB Norwich Financial Corp. 1.890 43.36 22.61 22.96 20.02 20.72 196.84 216.87 239
NSSY NSS Bancorp Inc. 1.070 10.78 54.96 13.57 19.47 16.11 173.51 179.34 NA
NTMG Nutmeg Federal S&LA 1.720 34.09 34.19 8.38 24.22 52.84 150.58 150.58 NA
NWEQ Northwest Equity Corp. 3.246 37.10 14.38 14.92 13.07 13.91 118.72 118.72 NA
NWSB Northwest Savings Bank (MHC) 1.078 38.10 35.77 33.03 35.34 35.34 342.82 362.93 796
NYB New York Bancorp Inc. 1.699 23.33 17.31 23.20 14.24 15.69 445.31 445.31 516
OCFC Ocean Financial Corp. 2.222 24.39 21.95 19.76 20.00 21.95 130.29 130.29 235
OCN Ocwen Financial Corp. 0.000 0.00 29.49 48.54 17.59 16.69 356.37 365.90 NA
OFCP Ottawa Financial Corp. 1.307 28.08 23.18 17.17 23.18 22.61 196.56 243.33 251
OHSL OHSL Financial Corp. 3.229 51.83 17.14 14.34 16.62 16.62 127.22 127.22 61
OSFS Ohio State Financial Services 0.000 NA NA NA NA NA NA NA 13
OTFC Oregon Trail Financial Corp. 0.000 NA NA NA NA NA NA NA NA
PALM Palfed Inc. 0.480 22.92 30.12 19.82 34.72 52.08 232.77 232.77 NA
PBCI Pamrapo Bancorp Inc. 4.124 59.45 14.97 18.53 13.78 14.79 143.58 144.60 98
PBCT People's Bank (MHC) 2.303 44.06 35.48 26.09 21.71 23.08 289.22 289.47 3,103
PBHC Oswego City Savings Bk (MHC) 0.949 22.43 30.73 29.29 28.37 27.57 245.42 292.08 75
PBKB People's Bancshares Inc. 2.301 28.89 25.84 8.75 13.28 14.17 213.45 222.64 NA
PCBC Perry County Financial Corp. 1.702 41.67 17.41 23.99 19.58 24.48 124.93 124.93 9
PDB Piedmont Bancorp Inc. 3.810 NA 40.38 22.83 17.50 NA 138.89 138.89 30
PEEK Peekskill Financial Corp. 2.057 64.29 23.65 30.61 25.74 31.25 118.97 118.97 25
PERM Permanent Bancorp Inc. 1.546 35.12 21.56 12.55 21.56 21.38 127.03 128.73 NA
PERT Perpetual Bank (MHC) 2.667 135.59 32.61 30.83 29.83 44.49 260.68 260.68 113
PFDC Peoples Bancorp 2.032 43.48 16.94 24.91 16.41 22.83 163.81 163.81 78
PFED Park Bancorp Inc. 0.000 0.00 22.47 24.73 22.19 21.65 106.86 106.86 NA
PFFB PFF Bancorp Inc. 0.000 0.00 27.24 12.49 24.01 27.65 124.23 125.52 508
PFFC Peoples Financial Corp. 3.448 NA NA 25.00 25.89 NA 91.89 91.89 19
PFNC Progress Financial Corp. 0.828 9.95 21.32 13.31 18.13 16.86 247.86 277.78 190
PFSB PennFed Financial Services Inc 0.953 12.90 13.54 10.39 13.11 13.54 130.96 154.69 NA
PFSL Pocahontas FS&LA (MHC) 2.509 63.97 23.15 15.46 23.60 26.38 243.06 243.06 63
PHBK Peoples Heritage Finl Group 2.093 28.24 15.74 18.20 14.75 15.74 244.37 286.20 2,381
PHFC Pittsburgh Home Financial Corp 1.223 27.88 21.10 14.14 16.35 18.87 134.14 135.53 NA
PHSB Peoples Home Savings Bk (MHC) 0.000 NA NA 23.90 NA NA 174.90 174.90 75
PKPS Poughkeepsie Financial Corp. 2.012 28.57 28.39 14.16 31.06 28.39 168.16 168.16 280
PLSK Pulaski Savings Bank (MHC) 1.463 NA NA 23.71 32.03 NA 197.88 197.88 42
PMFI Perpetual Midwest Financial 1.165 36.59 39.02 12.01 22.20 31.40 141.17 141.17 108
PRBC Prestige Bancorp Inc. 0.656 9.89 20.09 12.13 19.04 20.09 108.30 108.30 35
PROV Provident Financial Holdings 0.000 0.00 42.93 14.91 15.43 20.57 111.83 111.83 NA
PSBK Progressive Bank Inc. 2.084 29.24 15.10 14.12 14.31 14.83 161.67 179.46 264
PSFC Peoples-Sidney Financial Corp. 1.623 NA NA 29.95 21.56 NA 109.73 109.73 17
PSFI PS Financial Inc. 2.909 NA NA 41.72 21.71 NA 111.79 111.79 15
PTRS Potters Financial Corp. 1.221 13.68 14.3 12.87 14.62 14 146.07 146.07 45
PULB Pulaski Bank, Svgs Bank (MHC) 3.607 172.41 39.10 35.44 29.33 52.59 271.59 271.59 85
PULS Pulse Bancorp 2.800 38.89 13.89 14.64 13.89 13.89 178.19 178.19 57
</TABLE>
<PAGE>
Page 29 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Income
------------------------------------------------------
Net Income Core Income
Net Income Core Income Core EPS Price/
Ticker Short Name Most Recent Qtr Most Recent Qtr Most Recent Qtr Core EPS
- ------------------------------- ---------------------------------------------------------
<S> <C> <C> <C> <C> <C>
MFCX Marshalltown Financial Corp. 181 181 0.12 35.68
MFFC Milton Federal Financial Corp. 345 321 0.15 25.11
MFLR Mayflower Co-operative Bank 330 294 0.33 17.99
MFSL Maryland Federal Bancorp 2,429 2,251 0.67 17.91
MIFC Mid-Iowa Financial Corp. 506 362 0.21 12.05
MIVI Mississippi View Holding Co. 185 179 0.23 19.16
MLBC ML Bancorp Inc. 4,068 2,970 0.26 27.46
MONT Montgomery Financial Corp. 226 226 NA NA
MRKF Market Financial Corp. 162 162 0.13 29.33
MSBF MSB Financial Inc. 291 263 0.22 19.89
MSBK Mutual Savings Bank FSB 192 82 0.02 154.69
MWBI Midwest Bancshares Inc. 417 299 0.82 15.85
MWBX MetroWest Bank 1,952 1,949 0.14 14.40
MWFD Midwest Federal Financial 755 567 0.33 19.32
NASB North American Savings Bank 2,796 2,216 0.98 13.52
NBN Northeast Bancorp 553 482 0.29 23.71
NBSI North Bancshares Inc. 112 113 0.12 55.99
NEIB Northeast Indiana Bancorp 586 586 0.33 15.72
NHTB New Hampshire Thrift Bncshrs 701 428 0.20 25.00
NASB NewMil Bancorp Inc. 701 674 0.16 21.88
NSLB NS&L Bancorp Inc. 139 139 0.19 24.84
NSSB Norwich Financial Corp. 2,088 1,719 0.30 24.69
NSSY NSS Bancorp Inc. 1,150 1,045 0.44 21.24
NTMG Nutmeg Federal S&LA 155 132 0.10 29.06
NWEQ Northwest Equity Corp. 256 248 0.32 13.48
NWSB Northwest Savings Bank (MHC) 4,837 4,954 0.22 33.74
NYB New York Bancorp Inc. 13,870 12,613 0.56 15.76
OCFC Ocean Financial Corp. 3,540 3,539 0.45 20.00
OCN Ocwen Financial Corp. 20,165 12,170 0.42 29.32
OFCP Ottawa Financial Corp. 1,730 1,720 0.30 23.18
OHSL OHSL Financial Corp. 501 491 0.40 17.03
OSFS Ohio State Financial Services 92 92 NA NA
OTFC Oregon Trail Financial Corp. NA NA NA NA
PALM Palfed Inc. 941 1,516 0.29 21.55
PBCI Pamrapo Bancorp Inc. 1,265 1,265 0.44 13.78
PBCT People's Bank (MHC) 23,300 10,495 0.17 48.53
PBHC Oswego City Savings Bk (MHC) 483 434 0.23 32.07
PBKB People's Bancshares Inc. 1,219 508 0.15 31.88
PCBC Perry County Financial Corp. 230 233 0.30 19.58
PDB Piedmont Bancorp Inc. 414 389 0.14 18.75
PEEK Peekskill Financial Corp. 513 513 0.17 25.74
PERM Permanent Bancorp Inc. 645 624 0.29 22.31
PERT Perpetual Bank (MHC) 661 662 0.44 29.83
PFDC Peoples Bancorp 1,093 1,093 0.48 16.41
PFED Park Bancorp Inc. 449 443 0.20 22.19
PFFB PFF Bancorp Inc. 3,286 3,235 0.19 24.01
PFFC Peoples Financial Corp. 202 197 0.14 25.89
PFNC Progress Financial Corp. 902 911 0.20 18.13
PFSB PennFed Financial Services Inc 2,686 2,686 0.56 13.11
PFSL Pocahontas FS&LA (MHC) 622 612 0.37 24.24
PHBK Peoples Heritage Finl Group 18,606 18,575 0.68 14.75
PHFC Pittsburgh Home Financial Corp 570 467 0.25 19.63
PHSB Peoples Home Savings Bk (MHC) 471 467 NA NA
PKPS Poughkeepsie Financial Corp. 1,054 1,095 0.08 31.06
PLSK Pulaski Savings Bank (MHC) 326 326 0.16 32.03
PMFI Perpetual Midwest Financial 554 484 0.25 25.75
PRBC Prestige Bancorp Inc. 202 204 0.24 19.04
PROV Provident Financial Holdings 1,467 778 0.17 29.04
PSBK Progressive Bank Inc. 2,195 2,148 0.56 14.56
PSFC Peoples-Sidney Financial Corp. 338 338 0.20 21.56
PSFI PS Financial Inc. 418 417 0.19 21.71
PTRS Potters Financial Corp. 274 242 0.49 16.71
PULB Pulaski Bank, Svgs Bank (MHC) 534 460 0.22 34.66
PULS Pulse Bancorp 1,434 1,434 0.45 13.89
</TABLE>
<PAGE>
Page 30 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Dividends Current Pricing Data as of 11/14/97 Productivity
--------------------- --------------------------------------------------------- -------------
Current LTM Dividend Price/ Price/ Price/ Tang Full Time
Dividend Payout LTM Price/ Price/ Price/ Publicly RPublicly Rep Equivalent
Yield Ratio Core EPS Assets Earnings LTM EPS Book Value Book Value Employees
Ticker Short Name ($) (%) (x) (%) (x) (x) (%) (%) Most Recent
- ------------------------------- --------------------- --------------------------------------------------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
PVFC PVF Capital Corp. 0.000 0.00 11.77 13.69 11.01 11.25 190.50 190.50 NA
PVSA Parkvale Financial Corporation 1.857 22.10 14.00 14.22 13.73 14.00 184.21 185.43 245
PWBC PennFirst Bancorp Inc. 1.973 32.25 17.55 11.78 16.90 17.55 140.82 NA NA
PWBK Pennwood Bancorp Inc. 1.684 34.88 20.43 22.72 19.79 22.09 123.86 123.86 NA
QCBC Quaker City Bancorp Inc. 0.000 0.00 17.56 11.24 15.44 16.98 132.91 132.91 141
QCFB QCF Bancorp Inc. 0.000 0 14.41 24.67 13.58 14.41 150.03 150.03 NA
QCSB Queens County Bancorp Inc. 2.302 36.77 24.82 34.07 22.86 24.47 262.07 262.07 279
RARB Raritan Bancorp Inc. 1.761 29.44 17.93 15.87 17.93 17.69 215.59 218.88 85
REDF RedFed Bancorp Inc. 0.000 0 15.5 14.38 12.75 15.38 172.84 NA NA
RELI Reliance Bancshares Inc. 0.000 NA 34.5 45.37 30.80 33.17 93.95 93.95 NA
RELY Reliance Bancorp Inc. 1.939 32.46 18.33 14.13 15.57 17.28 171.07 232.89 NA
RIVR River Valley Bancorp 0.914 NA NA 14.83 14.58 NA 119.7 121.53 55
ROSE TR Financial Corp. 1.983 26.2 19.21 15.38 15.82 17.26 231.57 231.57 437
RSLN Roslyn Bancorp Inc. 1.146 NA NA 26.30 18.69 NA 149.13 149.88 NA
RVSB Riverview Bancorp Inc. 0.000 NA NA 29.58 NA NA 142.52 147.94 93
SBFL SB of the Finger Lakes (MHC) 1.368 90.91 100.86 22.90 66.48 66.48 245.39 245.39 74
SBOS Boston Bancorp (The) NA 10.89 NA NA NA NA NA NA NA
SCBS Southern Community Bancshares 1.667 NA NA 29.09 21.43 NA 136.47 136.47 18
SCCB S. Carolina Community Bancshrs 2.637 96.77 28.44 34.16 25.85 36.69 133.04 133.04 NA
SFED SFS Bancorp Inc. 1.266 26.26 22.35 15.64 22.13 22.35 125.43 125.43 NA
SFFC StateFed Financial Corp. 1.481 28.37 19.15 24.02 23.28 19.15 136.99 136.99 NA
SFIN Statewide Financial Corp. 2.071 32.28 16.73 13.88 16.10 16.73 148.19 148.39 NA
SFNB Security First Network Bank 0.000 0.00 NA 86.35 NA NA 260.76 265.15 16
SFSB SuburbFed Financial Corp. 0.973 15.69 19.69 9.60 15.22 16.12 144.63 145.14 NA
SFSL Security First Corp. 1.842 29.48 16.71 19.37 16.09 16.71 209.09 212.41 152
SGVB SGV Bancorp Inc. 0.000 0.00 32.87 10.17 29.58 26.10 136.75 138.89 94
SHEN First Shenango Bancorp Inc. 1.739 24.22 15.54 17.78 15.13 15.47 152.99 152.99 101
SHSB SHS Bancorp Inc. 0.000 NA NA NA NA NA NA NA 25
SISB SIS Bancorp Inc. 1.697 18.54 16.26 12.67 14.47 16.1 174.23 174.23 494
SKAN Skaneateles Bancorp Inc. 1.416 22.47 16.42 10.90 15.69 15.87 155.65 160.24 110
SKBO First Carnegie Deposit (MHC) 1.558 NA NA 30.09 NA NA 182.98 182.98 NA
SMBC Southern Missouri Bancorp Inc. 2.778 75.76 18.75 18.33 23.68 27.27 111.39 111.39 56
SMFC Sho-Me Financial Corp. 0.000 0.00 18.24 20.21 15.50 17.35 205.48 205.48 78
SOBI Sobieski Bancorp Inc. 1.684 33.33 31.15 17.57 26.39 28.79 110.08 110.08 24
SOPN First Savings Bancorp Inc. 3.826 64.23 18.7 28.71 17.97 18.7 124.8 124.8 43
SOSA Somerset Savings Bank 0.000 0 16.04 15.40 12.03 15.53 233.64 233.64 150
SPBC St. Paul Bancorp Inc. 1.675 24.00 17.56 17.92 17.05 17.69 199.29 199.79 1083
SRN Southern Banc Co. 2.074 83.33 40.18 19.56 32.45 40.18 114.48 115.50 NA
SSB Scotland Bancorp Inc. 2.824 52.63 15.18 29.26 17.71 18.64 79.00 79.00 14
SSFC South Street Financial Corp. 2.319 NA NA 32.09 23.96 NA 117.43 117.43 38
SSM Stone Street Bancorp Inc. 2.338 512.08 21.63 34.87 24.06 21.63 117.95 117.95 NA
STFR St. Francis Capital Corp. 1.493 18.68 17.61 11.82 12.67 14.59 151.33 170.84 NA
STSA Sterling Financial Corp. 0.000 0.00 19.59 8.80 16.48 17.83 167.57 183.08 502
SVRN Sovereign Bancorp Inc. 0.427 11.84 19.33 11.46 234.38 27.57 255.80 313.02 1,963
SWBI Southwest Bancshares 3.010 52.78 18.04 17.89 16.61 17.53 157.71 157.71 91
SWCB Sandwich Bancorp Inc. 3.500 50.85 17.24 15.00 16.13 16.95 189.04 196.66 NA
SZB SouthFirst Bancshares Inc. 2.649 NA 99.34 16.45 31.46 NA 117.53 117.53 45
THR Three Rivers Financial Corp. 1.975 34.91 20.05 17.70 17.46 19.10 128.57 129.06 NA
THRD TF Financial Corporation 1.662 31.15 22.49 15.73 18.23 19.72 125.26 141.88 152
TPNZ Tappan Zee Financial Inc. 1.436 30.56 27.46 23.29 28.68 27.08 135.79 135.79 14
TRIC Tri-County Bancorp Inc. 2.069 29.80 18.83 19.20 20.14 19.21 125.38 125.38 19
TSBS Peoples Bancorp Inc. (MHC) 0.996 40.23 57.58 49.68 48.78 40.37 293.69 326.44 144
TSH Teche Holding Co. 2.548 60.24 17.07 16.61 17.52 23.64 126.37 126.37 153
TWIN Twin City Bancorp 2.936 59.28 22.71 16.21 14.81 18.92 125.34 125.34 53
UBMT United Financial Corp. 3.846 100.00 21.49 30.12 20.97 27.96 129.35 129.35 29
UFRM United Federal Savings Bank 2.087 34.92 23.00 12.37 17.97 18.25 168.62 168.62 144
USAB USABancshares, Inc. 0.000 0 33 12.54 14.73 30.56 128.11 130.54 NA
VABF Virginia Beach Fed. Financial 1.194 25.33 27.46 13.77 19.03 22.33 192.53 192.53 192
VFFC Virginia First Financial Corp. 0.408 11.49 32.67 16.58 68.06 28.16 214.16 221.72 426
WAMU Washington Mutual Inc. 1.757 192.45 27.24 17.15 NA 120.28 314.35 339.28 20,302
WAYN Wayne Svgs Community Bank(MHC) 1.968 76.12 41.45 28.39 35.80 38.89 297.73 297.73 NA
WBST Webster Financial Corp. 1.306 35.68 18.62 12.19 22.19 28.76 228.29 265.15 1,225
WCBI Westco Bancorp 2.254 35.29 16.64 21.31 14.16 15.66 137.10 137.10 57
WCFB Webster City Federal SB (MHC) 3.810 163.27 NA 46.57 32.81 42.86 199.24 199.24 21
</TABLE>
<PAGE>
Page 30 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Income
------------------------------------------------------
Net Income Core Income
Net Income Core Income Core EPS Price/
Ticker Short Name Most Recent Qtr Most Recent Qtr Most Recent Qtr Core EPS
- ------------------------------- ---------------------------------------------------------
<S> <C> <C> <C> <C> <C>
PVFC PVF Capital Corp. 1,261 1,212 0.44 11.51
PVSA Parkvale Financial Corporation 2,696 2,696 0.51 13.73
PWBC PennFirst Bancorp Inc. 1,432 1,405 0.26 17.55
PWBK Pennwood Bancorp Inc. 128 128 0.24 19.79
QCBC Quaker City Bancorp Inc. 1,530 1,511 0.33 15.44
QCFB QCF Bancorp Inc. 640 640 0.52 13.58
QCSB Queens County Bancorp Inc. 5,395 5,395 0.38 22.86
RARB Raritan Bancorp Inc. 967 962 0.38 17.93
REDF RedFed Bancorp Inc. 2,802 2,803 0.38 12.75
RELI Reliance Bancshares Inc. 163 163 0.07 30.80
RELY Reliance Bancorp Inc. 4,741 3,856 0.43 19.19
RIVR River Valley Bancorp 324 312 0.29 15.09
ROSE TR Financial Corp. 9,032 7,859 0.44 18.34
RSLN Roslyn Bancorp Inc. 11,034 10,049 0.26 20.13
RVSB Riverview Bancorp Inc. 756 724 NA NA
SBFL SB of the Finger Lakes (MHC) 193 157 0.09 81.25
SBOS Boston Bancorp (The) 14,315 5,073 0.95 NA
SCBS Southern Community Bancshares 211 211 0.21 21.43
SCCB S. Carolina Community Bancshrs 152 152 0.22 25.85
SFED SFS Bancorp Inc. 296 296 0.25 22.13
SFFC StateFed Financial Corp. 224 224 0.29 23.28
SFIN Statewide Financial Corp. 1,382 1,382 0.33 16.10
SFNB Security First Network Bank (6,533) (6,533) (0.77) NA
SFSB SuburbFed Financial Corp. 730 571 0.42 19.57
SFSL Security First Corp. 2,305 2,338 0.27 16.09
SGVB SGV Bancorp Inc. 331 310 0.14 31.70
SHEN First Shenango Bancorp Inc. 1,178 1,166 0.56 15.40
SHSB SHS Bancorp Inc. (387) 99 NA NA
SISB SIS Bancorp Inc. 3,169 3,074 0.55 15.00
SKAN Skaneateles Bancorp Inc. 430 425 0.44 16.05
SKBO First Carnegie Deposit (MHC) 239 242 NA NA
SMBC Southern Missouri Bancorp Inc. 313 305 0.19 23.68
SMFC Sho-Me Financial Corp. 1,124 1,119 0.75 15.50
SOBI Sobieski Bancorp Inc. 124 124 0.18 26.39
SOPN First Savings Bancorp Inc. 1,276 1,276 0.32 17.97
SOSA Somerset Savings Bank 1,749 1,637 0.09 13.37
SPBC St. Paul Bancorp Inc. 12,374 12,282 0.35 17.05
SRN Southern Banc Co. 144 144 0.13 32.45
SSB Scotland Bancorp Inc. 260 255 0.15 17.71
SSFC South Street Financial Corp. 744 744 0.18 23.96
SSM Stone Street Bancorp Inc. 386 386 0.20 24.06
STFR St. Francis Capital Corp. 3,899 3,185 0.60 15.63
STSA Sterling Financial Corp. 2,531 2,153 0.28 19.42
SVRN Sovereign Bancorp Inc. 2,540 15,730 0.29 16.16
SWBI Southwest Bancshares 1,059 1,006 0.36 17.53
SWCB Sandwich Bancorp Inc. 1,238 1,220 0.61 16.39
SZB SouthFirst Bancshares Inc. 124 125 0.15 31.46
THR Three Rivers Financial Corp. 225 211 0.27 18.75
THRD TF Financial Corporation 1,367 933 0.23 26.16
TPNZ Tappan Zee Financial Inc. 244 237 0.17 28.68
TRIC Tri-County Bancorp Inc. 211 244 0.42 17.26
TSBS Peoples Bancorp Inc. (MHC) 1,668 579 0.06 146.35
TSH Teche Holding Co. 911 909 0.28 17.52
TWIN Twin City Bancorp 290 241 0.19 17.93
UBMT United Financial Corp. 376 376 0.31 20.97
UFRM United Federal Savings Bank 501 461 0.15 19.17
USAB USABancshares, Inc. 107 88 0.12 17.19
VABF Virginia Beach Fed. Financial 1,099 838 0.17 24.63
VFFC Virginia First Financial Corp. 525 141 0.02 NA
WAMU Washington Mutual Inc. (126,954) 170,152 0.65 24.52
WAYN Wayne Svgs Community Bank(MHC) 496 452 0.20 39.38
WBST Webster Financial Corp. 9,690 13,452 0.96 15.95
WCBI Westco Bancorp 1,272 1,133 0.42 15.85
WCFB Webster City Federal SB (MHC) 341 341 0.16 32.81
</TABLE>
<PAGE>
Page 31 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Dividends Current Pricing Data as of 11/14/97 Productivity
--------------------- --------------------------------------------------------- -------------
Current LTM Dividend Price/ Price/ Price/ Tang Full Time
Dividend Payout LTM Price/ Price/ Price/ Publicly RPublicly Rep Equivalent
Yield Ratio Core EPS Assets Earnings LTM EPS Book Value Book Value Employees
Ticker Short Name ($) (%) (x) (%) (x) (x) (%) (%) Most Recent
- ------------------------------- --------------------- --------------------------------------------------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
WEFC Wells Financial Corp. 2.685 10.91 16.40 17.11 15.41 16.25 120.29 120.29 NA
WEHO Westwood Homestead Fin. Corp. 1.750 42 29.09 31.16 50.00 32 112.68 112.68 20
WES Westcorp 2.302 30.30 NA 12.14 12.78 13.16 133.65 133.96 NA
WFI Winton Financial Corp. 2.329 27.78 14.74 12.09 11.22 12.19 168.52 171.89 NA
WFSG Wilshire Financial Services 0.000 NA NA 19.62 11.74 NA 340.29 340.29 NA
WFSL Washington Federal Inc. 3.054 40.64 13.69 25.02 13.21 13.63 199.37 217.20 656
WHGB WHG Bancshares Corp. 1.984 42.86 27.80 23.52 23.71 46.07 113.88 113.88 NA
WOFC Western Ohio Financial Corp. 3.883 149.25 32.19 15.26 214.58 38.43 110.04 117.90 NA
WRNB Warren Bancorp Inc. 2.667 43.59 12.34 20.34 11.61 10.00 191.18 191.18 137
WSB Washington Savings Bank, FSB 1.391 41.67 21.14 11.67 14.98 29.95 139.30 139.30 76
WSFS WSFS Financial Corp. 0.000 0.00 14.68 15.39 13.60 14.57 277.78 279.88 300
WSTR WesterFed Financial Corp. 2.000 36.19 19.01 12.84 17.97 18.25 120.86 149.84 369
WVFC WVS Financial Corp. 3.871 149.76 15.05 19.20 14.62 14.98 159.96 159.96 58
WWFC Westwood Financial Corp. 0.724 20.83 21.58 16.14 36.35 23.02 173.20 193.59 NA
WYNE Wayne Bancorp Inc. 0.947 13.89 19.56 15.92 21.13 19.56 128.11 128.11 56
YFCB Yonkers Financial Corporation 1.297 20.59 17.96 17.86 17.13 18.14 127.32 127.32 61
YFED York Financial Corp. 2.069 39.22 22.31 17.68 21.97 18.95 199.59 199.59 390
-----------------------------------------------------------------------------------------------
Average 1.571 47.80 22.85 18.94 21.39 23.48 163.35 169.84 343
</TABLE>
<PAGE>
Page 31 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Income
------------------------------------------------------
Net Income Core Income
Net Income Core Income Core EPS Price/
Ticker Short Name ost Recent Qtr Most Recent Qtr Most Recent Qtr Core EPS
- ------------------------------- --------------------------------------------------------
<S> <C> <C> <C> <C> <C>
WEFC Wells Financial Corp. 555 539 0.28 15.96
WEHO Westwood Homestead Fin. Corp. 194 360 0.15 26.67
WES Westcorp 8,928 (3,187) (0.12) NA
WFI Winton Financial Corp. 879 639 0.32 15.43
WFSG Wilshire Financial Services 5,112 (2,178) (0.28) NA
WFSL Washington Federal Inc. 27,528 27,139 0.56 13.45
WHGB WHG Bancshares Corp. 231 231 0.17 23.71
WOFC Western Ohio Financial Corp. 60 397 0.20 32.19
WRNB Warren Bancorp Inc. 1,704 1,350 0.33 14.77
WSB Washington Savings Bank, FSB 541 397 0.09 19.97
WSFS WSFS Financial Corp. 4,280 4,219 0.34 13.60
WSTR WesterFed Financial Corp. 1,809 1,795 0.32 17.97
WVFC WVS Financial Corp. 935 935 0.53 14.62
WWFC Westwood Financial Corp. 120 120 0.19 36.35
WYNE Wayne Bancorp Inc. 483 483 0.25 21.13
YFCB Yonkers Financial Corporation 744 741 0.27 17.13
YFED York Financial Corp. 2,433 2,027 0.27 26.85
-----------------------------------------------------------
Average 2,529 3,051 0.32 22.70
</TABLE>
<PAGE>
Page 32 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Dividends Current Pricing Data as of 11/14/97 Productivity
--------------------- --------------------------------------------------------- -------------
Current LTM Dividend Price/ Price/ Price/ Tang Full Time
Dividend Payout LTM Price/ Price/ Price/ Publicly RPublicly Rep Equivalent
Yield Ratio Core EPS Assets Earnings LTM EPS Book Value Book Value Employees
Ticker Short Name ($) (%) (x) (%) (x) (x) (%) (%) Most Recent
- ------------------------------- --------------------- --------------------------------------------------------- -------------
Comparable Thrift Data
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ALBC Albion Banc Corp. 1.094 114.81 30.15 10.66 36.56 108.33 122.08 122.08 NA
ATSB AmTrust Capital Corp. 1.379 26.79 42.65 10.95 30.21 25.89 100.28 101.26 NA
CSBF CSB Financial Group Inc. 0.000 0.00 46.07 23.98 51.83 73.16 95.75 101.37 15
FCB Falmouth Bancorp Inc. 1.026 28.85 39.00 30.20 40.63 37.50 126.62 126.62 28
FFBI First Financial Bancorp Inc. 0.000 0.00 21.35 9.33 NA NA 107.83 107.83 37
GLMR Gilmer Financial Svcs, Inc. 0.000 0.00 20.77 6.41 NA 117.71 71.05 71.05 12
HBBI Home Building Bancorp 1.412 26.09 18.81 15.86 19.68 18.48 104.01 104.01 15
HHFC Harvest Home Financial Corp. 3.200 NA 25.94 14.36 18.09 52.88 121.57 121.57 17
SOBI Sobieski Bancorp Inc. 1.684 33.33 31.15 17.57 26.39 28.79 110.08 110.08 24
SZB SouthFirst Bancshares Inc. 2.649 NA 99.34 16.45 31.46 NA 117.53 117.53 45
-----------------------------------------------------------------------------------------------
Average 1.24 28.73 37.52 15.58 31.86 57.84 107.68 108.34 24.13
Median 1.24 26.44 30.65 15.11 30.84 45.19 108.96 108.96 20.50
Maximum 3.20 114.81 99.34 30.20 51.83 117.71 126.62 126.62 45.00
Minimum 0.00 0.00 18.81 6.41 18.09 18.48 71.05 71.05 12.00
</TABLE>
<PAGE>
Page 32 of 32
Exhibit 5
Selected Data on all Public Thrifts
<TABLE>
<CAPTION>
Income
------------------------------------------------------
Net Income Core Income
Net Income Core Income Core EPS Price/
Ticker Short Name Most Recent Qtr Most Recent Qtr Most Recent Qtr Core EPS
- ------------------------------- ---------------------------------------------------------
Comparable Thrift Data
<S> <C> <C> <C> <C> <C>
ALBC Albion Banc Corp. 50 45 0.18 40.63
ATSB AmTrust Capital Corp. 61 29 0.06 60.42
CSBF CSB Financial Group Inc. 52 51 0.06 51.83
FCB Falmouth Bancorp Inc. 172 164 0.11 44.32
FFBI First Financial Bancorp Inc. (194) 85 0.21 22.62
GLMR Gilmer Financial Svcs, Inc. (54) (57) (0.32) NA
HBBI Home Building Bancorp 78 78 0.27 19.68
HHFC Harvest Home Financial Corp. 171 170 0.19 18.09
SOBI Sobieski Bancorp Inc. 124 124 0.18 26.39
SZB SouthFirst Bancshares Inc. 124 125 0.15 31.46
-----------------------------------------------------------
Average 58 81 0.11 35.05
Median 70 82 0.17 31.46
Maximum 172 170 0.27 60.42
Minimum (194) (57) (0.32) 18.09
</TABLE>
<PAGE>
Exhibit 6
Industry Multiples
Pricing Data as of November 14, 1997
<TABLE>
<CAPTION>
------------------------------------------------------------
Current Current Current Price in Relation to
------------------------------------------------------------Current
Stock Market Price/TM Price Book Tangible Dividend
Price Value Earnings LTM EPS Core EPS Core Value Book Value Assets Yield
Ticker Short Name ($) ($M) (x) (x) (x) (x) (%) (%) (%) (%)
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
%CAL California Federal Bank, a FSB NA NA NA NA NA NA NA NA NA NA
%CCMD Chevy Chase Bank, FSB NA NA NA NA NA NA NA NA NA NA
AABC Access Anytime Bancorp Inc. 10.25 12.23 2.37 8.20 9.15 2.44 136.48 136.48 11.81 0.00
AADV Advantage Bancorp Inc. 59.63 192.94 17.54 19.30 21.45 19.88 194.85 NA 18.60 0.67
ABBK Abington Bancorp Inc. 36.00 65.69 15.79 17.06 19.05 17.31 185.28 204.43 13.20 1.11
ABCL Alliance Bancorp Inc. 25.88 207.55 16.59 22.31 20.06 14.38 160.71 162.63 15.14 1.70
ABCW Anchor BanCorp Wisconsin 29.75 270.42 14.58 15.03 16.08 15.82 215.27 219.07 13.78 1.08
AFBC Advance Financial Bancorp 17.75 19.25 17.07 NA NA 17.07 119.37 119.37 18.41 1.80
AFCB Affiliated Community Bancorp 28.38 184.39 16.50 16.31 16.31 16.89 164.21 165.07 16.32 2.12
AFED AFSALA Bancorp Inc. 18.50 26.91 20.11 NA NA 20.11 116.21 116.21 16.91 1.30
AFFFZ America First Financial Fund 48.38 290.76 15.71 7.94 7.89 15.12 164.48 166.24 12.92 3.31
AHCI Ambanc Holding Co. 16.75 72.13 29.91 NM NM 38.07 117.21 117.21 15.17 1.19
AHM Ahmanson & Company (H.F.) 58.06 5,481.80 17.28 16.78 19.55 17.49 287.87 338.76 11.71 1.52
ALBC Albion Banc Corp. 29.25 7.31 36.56 108.33 30.15 40.63 122.08 122.08 10.66 1.09
ALBK ALBANK Financial Corp. 43.75 563.16 16.32 16.45 16.57 16.57 163.92 186.09 15.15 1.65
AMFC AMB Financial Corp. 16.38 15.78 12.79 16.38 23.39 22.74 109.53 109.53 15.27 1.71
ANA Acadiana Bancshares Inc. 22.63 60.11 21.75 NA NA 21.75 133.24 133.24 23.14 1.59
ANDB Andover Bancorp Inc. 37.75 194.51 14.98 15.16 15.53 15.22 186.88 186.88 15.18 2.01
ANE Alliance Bncorp of New England 17.13 27.86 13.81 14.89 15.86 28.54 156.39 160.20 11.52 1.17
ASBI Ameriana Bancorp 20.63 66.65 16.63 18.42 20.42 19.10 151.32 151.43 16.96 3.10
ASBP ASB Financial Corp. 13.25 22.52 17.43 18.66 19.78 17.43 128.64 128.64 20.03 3.02
ASFC Astoria Financial Corp. 54.50 1,126.29 16.82 18.86 19.96 19.19 184.68 218.35 14.25 1.10
ATSB AmTrust Capital Corp. 14.50 7.63 30.21 25.89 42.65 60.42 100.28 101.26 10.95 1.38
AVND Avondale Financial Corp. 15.81 55.26 NM NM NM NM 119.98 119.98 9.26 0.00
BANC BankAtlantic Bancorp Inc. 13.63 301.33 14.81 14.34 26.72 37.85 193.81 233.70 10.67 0.97
BDJI First Federal Bancorporation 25.75 17.32 18.93 21.28 21.82 18.39 145.07 145.07 15.53 0.00
BFD BostonFed Bancorp Inc. 20.75 117.24 17.29 18.36 20.15 19.95 134.48 139.26 12.20 1.35
BFFC Big Foot Financial Corp. 18.75 47.11 46.88 NA NA 46.88 125.25 125.25 21.90 0.00
BFSB Bedford Bancshares Inc. 28.00 31.99 18.42 23.14 17.95 18.42 157.75 157.75 23.61 2.00
BKC American Bank of Connecticut 46.00 106.41 13.69 14.42 17.10 15.75 198.11 205.54 17.45 3.13
BKCT Bancorp Connecticut Inc. 36.38 92.54 16.84 17.66 19.25 19.35 202.99 202.99 21.83 2.75
BKUNA BankUnited Financial Corp. 13.06 124.53 23.33 48.38 22.92 23.33 172.11 212.41 6.41 0.00
BNKU Bank United Corp. 42.13 1,330.96 16.72 17.41 22.41 17.85 222.41 227.58 11.12 1.33
BPLS Bank Plus Corp. 11.56 223.64 16.06 17.00 20.29 17.00 126.23 126.51 5.70 0.00
BSBC Branford Savings Bank 5.63 36.90 23.44 19.40 19.40 23.44 209.11 209.11 20.18 1.42
BTHL Bethel Bancorp 12.50 15.15 16.45 13.02 16.89 19.53 91.17 108.60 6.89 2.56
BVCC Bay View Capital Corp. 34.13 423.88 37.09 25.85 23.21 23.06 230.42 275.87 13.40 0.94
BWFC Bank West Financial Corp. 22.00 38.58 16.18 23.91 42.31 42.31 165.41 165.41 23.40 1.46
BYFC Broadway Financial Corp. 13.00 10.80 20.31 NM 31.71 20.31 88.74 88.74 8.88 1.54
CAFI Camco Financial Corp. 22.75 73.12 12.64 21.46 16.98 14.97 156.04 169.14 14.93 2.29
CAPS Capital Savings Bancorp Inc. 17.50 33.11 14.11 14.71 15.09 15.09 147.43 147.43 13.67 1.37
CASB Cascade Financial Corp. 12.50 42.32 18.38 17.61 17.86 15.63 149.52 149.52 9.92 0.00
CASH First Midwest Financial Inc. 19.75 53.30 14.96 15.55 16.32 16.46 122.59 138.02 13.17 1.82
CATB Catskill Financial Corp. 17.38 80.92 19.74 21.19 21.72 19.74 112.75 112.75 27.94 1.61
CBCI Calumet Bancorp Inc. 48.00 101.32 16.22 15.84 16.16 16.22 127.93 127.93 20.75 0.00
CBES CBES Bancorp Inc. 19.88 20.37 15.53 15.53 17.13 17.75 112.93 112.93 19.10 2.01
CBK Citizens First Financial Corp. 18.13 46.83 34.86 31.25 34.86 37.76 111.20 111.20 16.85 0.00
CBSA Coastal Bancorp Inc. 29.69 148.21 14.27 12.63 13.14 14.55 147.48 175.46 5.06 1.62
CBSB Charter Financial Inc. 21.75 90.27 12.08 20.91 20.52 21.75 158.64 179.31 22.95 1.47
CCFH CCF Holding Company 20.50 16.81 NM NM NM NM 142.76 142.76 16.68 2.68
CEBK Central Co-operative Bank 25.50 50.11 20.56 17.47 17.35 20.56 146.55 163.78 14.55 1.26
CENB Century Bancorp Inc. 84.00 34.22 20.00 NA NA 20.00 111.93 111.93 33.90 2.38
CENF CENFED Financial Corp. 38.25 227.95 13.28 15.81 17.55 13.86 177.82 178.07 9.89 0.94
CFB Commercial Federal Corp. 47.63 1,027.83 15.26 15.98 15.93 15.67 231.30 258.41 14.26 0.59
CFBC Community First Banking Co. 38.13 92.02 NA NA NA NA 131.01 NA 23.32 1.57
CFCP Coastal Financial Corp. 24.00 111.52 18.18 20.17 23.30 23.08 344.33 344.33 22.57 1.50
CFFC Community Financial Corp. 23.25 29.69 22.36 15.50 15.50 22.36 122.43 122.43 16.18 2.41
CFNC Carolina Fincorp Inc. 17.38 32.17 21.72 NA NA 21.72 124.82 124.82 28.20 1.38
</TABLE>
Page 1 of 9
<PAGE>
Exhibit 6
Industry Multiples
Pricing Data as of November 14, 1997
<TABLE>
<CAPTION>
------------------------------------------------------------
Current Current Current Price in Relation to
------------------------------------------------------------Current
Stock Market Price/TM Price Book Tangible Dividend
Price Value Earnings LTM EPS Core EPS Core Value Book Value Assets Yield
Ticker Short Name ($) ($M) (x) (x) (x) (x) (%) (%) (%) (%)
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CFSB CFSB Bancorp Inc. 32.63 165.74 15.39 17.45 18.64 16.65 250.38 250.38 19.30 2.08
CFTP Community Federal Bancorp 16.75 77.53 29.91 23.93 23.93 32.21 125.00 125.00 35.91 1.79
CFX CFX Corp. 26.25 629.40 NM 24.31 20.19 19.30 256.10 265.69 22.31 3.35
CIBI Community Investors Bancorp 15.25 13.76 13.62 14.52 14.52 13.62 126.14 126.14 14.81 2.10
CKFB CKF Bancorp Inc. 18.00 16.26 17.31 14.40 19.15 17.31 106.45 106.45 27.15 2.78
CLAS Classic Bancshares Inc. 15.69 20.47 19.61 28.52 21.49 19.61 105.50 124.81 15.68 1.79
CMRN Cameron Financial Corp 19.50 49.96 19.50 24.68 19.50 19.50 113.50 113.50 24.61 1.44
CMSB Commonwealth Bancorp Inc. 18.50 300.49 18.50 18.32 23.72 25.69 142.09 182.27 13.19 1.51
CMSV Community Savings Bnkshrs(MHC) 35.00 178.32 28.23 32.41 35.35 38.04 215.78 215.78 25.14 2.57
CNIT CENIT Bancorp Inc. 66.50 110.02 16.30 20.15 20.65 17.50 214.45 234.15 15.68 1.50
CNSB CNS Bancorp Inc. 17.88 29.55 34.38 35.05 34.38 34.38 124.65 124.65 30.33 1.34
CNY Carver Bancorp Inc. 13.25 30.66 22.08 NM 40.15 22.08 87.86 91.38 7.38 0.00
COFI Charter One Financial 56.88 2,818.90 14.97 15.75 16.11 15.46 262.94 286.24 18.55 1.76
CONE Conestoga Bancorp, Inc. NA NA NA NA NA NA NA NA NA NA
COOP Cooperative Bankshares Inc. 17.00 50.72 26.56 24.64 24.64 26.56 183.39 183.39 14.11 0.00
CRZY Crazy Woman Creek Bancorp 15.25 14.56 20.07 26.75 21.79 19.06 103.88 103.88 26.83 2.62
CSA Coast Savings Financial 58.69 1,093.43 14.24 20.89 19.56 12.03 232.80 235.51 12.10 0.00
CSBF CSB Financial Group Inc. 12.44 11.71 51.83 73.16 46.07 51.83 95.75 101.37 23.98 0.00
CTZN CitFed Bancorp Inc. 50.25 434.97 16.11 17.51 17.51 16.11 210.43 231.57 13.20 0.72
CVAL Chester Valley Bancorp Inc. 26.13 57.20 16.75 19.21 20.25 18.14 202.68 202.68 17.75 1.61
DCBI Delphos Citizens Bancorp Inc. 17.75 34.78 18.49 NA NA 18.49 121.16 121.16 32.27 0.00
DIBK Dime Financial Corp. 30.25 156.15 9.34 10.25 10.50 9.57 208.05 214.24 16.94 1.46
DIME Dime Community Bancorp Inc. 22.38 282.48 24.32 20.91 22.15 24.32 151.08 175.35 20.39 1.07
DME Dime Bancorp Inc. 23.31 2,366.08 15.34 18.80 19.11 16.19 224.60 235.96 12.19 0.69
DNFC D & N Financial Corp. 24.00 197.86 13.95 14.81 16.00 15.79 214.67 216.80 11.28 0.83
DSL Downey Financial Corp. 26.13 698.95 16.75 17.65 18.53 18.66 167.36 169.53 11.94 1.23
EBSI Eagle Bancshares 18.50 104.70 17.13 29.37 17.96 17.13 148.59 148.59 12.34 3.24
EFBC Empire Federal Bancorp Inc. 16.13 41.80 23.71 NA NA 23.71 103.04 103.04 38.50 1.86
EFBI Enterprise Federal Bancorp 25.75 51.11 22.99 21.11 25.25 29.26 160.14 160.24 18.55 3.88
EGFC Eagle Financial Corp. 49.50 312.64 19.04 45.83 34.14 19.34 216.06 271.53 14.91 2.02
EGLB Eagle BancGroup Inc. 19.50 23.20 54.17 43.33 57.35 81.25 114.50 114.50 13.57 0.00
EIRE Emerald Isle Bancorp Inc. 31.88 71.71 19.92 20.30 19.20 18.53 231.31 231.31 16.17 0.88
EMLD Emerald Financial Corp. 19.00 96.36 15.83 15.97 17.12 16.38 204.74 207.88 15.97 1.26
EQSB Equitable Federal Savings Bank 43.50 26.20 13.10 21.12 13.18 13.26 168.60 168.60 8.50 0.00
ESBK Elmira Savings Bank (The) 29.25 20.66 15.23 21.51 26.59 29.25 138.82 142.54 9.05 2.19
ESX Essex Bancorp Inc. 5.00 5.29 NM NM NM NM NM NM 2.78 0.00
ETFS East Texas Financial Services 19.38 19.87 24.22 49.68 27.68 25.49 97.02 97.02 17.63 1.03
FAB FirstFed America Bancorp Inc. 20.00 174.14 22.73 NA NA 26.32 127.96 127.96 16.81 0.00
FBBC First Bell Bancorp Inc. 17.00 110.68 14.17 14.66 15.04 14.17 154.26 154.26 16.25 2.35
FBCI Fidelity Bancorp Inc. 24.25 67.78 15.95 17.57 17.57 15.95 129.96 130.24 13.61 1.32
FBCV 1ST Bancorp 37.25 25.77 14.33 13.69 26.99 15.78 114.16 116.37 9.87 1.13
FBER 1st Bergen Bancorp 18.88 54.07 26.22 25.86 25.86 26.22 139.09 139.09 18.99 1.06
FBHC Fort Bend Holding Corp. 19.50 32.45 20.31 20.53 26.71 25.66 164.14 175.83 10.11 2.05
FBNW FirstBank Corp. 16.88 33.48 NA NA NA NA NA NA NA 1.66
FBSI First Bancshares Inc. 25.25 27.59 12.88 14.85 16.40 14.35 121.75 121.75 16.95 0.79
FCB Falmouth Bancorp Inc. 19.50 28.37 40.63 37.50 39.00 44.32 126.62 126.62 30.20 1.03
FCBF FCB Financial Corp. 27.50 106.68 15.63 22.00 21.48 16.77 146.90 146.90 20.40 2.91
FCME First Coastal Corp. 13.50 18.35 14.06 3.00 3.12 17.76 126.64 126.64 12.35 0.00
FDEF First Defiance Financial 15.38 137.71 25.63 25.63 26.06 27.46 121.93 121.93 23.97 2.08
FED FirstFed Financial Corp. 35.19 372.47 15.99 16.37 16.37 15.99 175.85 177.63 9.07 0.00
FESX First Essex Bancorp Inc. 19.75 148.65 14.52 14.31 16.88 17.03 165.97 189.72 12.29 2.43
FFBA First Colorado Bancorp Inc. 20.75 348.40 16.21 18.69 18.69 16.21 172.92 175.25 22.61 2.31
FFBH First Federal Bancshares of AR 21.25 104.04 18.32 17.56 18.48 18.32 127.70 127.70 19.02 1.13
FFBI First Financial Bancorp Inc. 19.00 7.89 NM NM 21.35 22.62 107.83 107.83 9.33 0.00
FFBS FFBS BanCorp Inc. 23.00 36.16 19.17 19.17 19.17 19.17 152.62 152.62 26.80 2.17
FFBZ First Federal Bancorp Inc. 19.25 30.26 13.75 24.06 18.16 15.04 218.50 218.75 15.03 1.25
FFCH First Financial Holdings Inc. 42.00 267.47 18.42 18.83 19.35 19.09 255.32 255.32 15.61 2.00
FFDB FirstFed Bancorp Inc. 22.00 25.32 15.71 14.97 15.38 15.71 148.95 162.72 14.35 2.27
</TABLE>
Page 2 of 9
<PAGE>
Exhibit 6
Industry Multiples
Pricing Data as of November 14, 1997
<TABLE>
<CAPTION>
------------------------------------------------------------
Current Current Current Price in Relation to
------------------------------------------------------------Current
Stock Market Price/TM Price Book Tangible Dividend
Price Value Earnings LTM EPS Core EPS Core Value Book Value Assets Yield
Ticker Short Name ($) ($M) (x) (x) (x) (x) (%) (%) (%) (%)
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FFDF FFD Financial Corp. 18.00 26.01 26.47 14.40 29.03 26.47 121.13 121.13 29.48 1.67
FFED Fidelity Federal Bancorp 9.75 27.21 12.83 13.93 14.34 14.34 189.32 189.32 11.56 4.10
FFES First Federal of East Hartford 35.63 95.56 18.95 19.05 16.80 17.13 146.00 146.00 9.68 1.68
FFFC FFVA Financial Corp. 33.75 152.68 19.18 20.71 21.50 20.09 189.18 193.08 26.90 1.42
FFFD North Central Bancshares Inc. 18.50 60.43 14.92 16.09 16.09 14.92 122.27 122.27 28.02 1.35
FFFL Fidelity Bankshares Inc. (MHC) 27.50 186.20 31.25 55.00 34.38 31.25 222.49 224.12 18.63 3.27
FFHH FSF Financial Corp. 19.00 57.18 15.83 17.92 18.10 15.83 117.00 117.00 14.73 2.63
FFHS First Franklin Corp. 24.25 28.91 18.37 23.77 20.04 20.21 138.65 139.45 12.50 1.65
FFIC Flushing Financial Corp. 21.75 173.64 18.13 20.52 20.33 18.13 127.34 132.62 18.08 1.10
FFKY First Federal Financial Corp. 21.75 90.18 14.31 14.90 15.10 15.10 172.62 182.93 23.64 2.58
FFLC FFLC Bancorp Inc. 33.75 77.65 21.09 22.35 23.77 27.22 147.51 147.51 20.25 1.42
FFOH Fidelity Financial of Ohio 14.50 80.91 16.48 18.59 16.29 16.48 117.50 132.54 15.30 1.93
FFPB First Palm Beach Bancorp Inc. 39.13 197.49 20.38 21.15 25.24 25.08 174.74 178.90 10.92 1.53
FFSL First Independence Corp. 15.00 14.67 18.75 22.06 22.06 18.75 127.33 127.33 13.04 1.67
FFSX First Fed SB of Siouxland(MHC) 32.38 91.72 26.98 27.21 27.91 27.91 229.94 231.75 20.08 1.48
FFWC FFW Corp. 33.00 23.59 12.50 13.41 13.69 12.69 133.93 147.58 13.00 2.18
FFWD Wood Bancorp Inc. 18.50 39.22 16.52 18.32 19.89 18.50 189.36 189.36 23.54 2.16
FFYF FFY Financial Corp. 30.00 123.44 15.31 16.22 16.48 15.63 147.78 147.78 20.24 2.67
FGHC First Georgia Holding Inc. 8.25 25.18 17.19 27.50 22.30 17.19 195.96 213.73 16.10 0.65
FIBC Financial Bancorp Inc. 23.63 40.39 14.77 15.75 14.86 14.77 150.38 151.05 13.60 1.69
FISB First Indiana Corporation 24.63 260.07 14.32 15.59 18.80 18.11 174.40 176.52 16.81 1.95
FKFS First Keystone Financial 32.13 39.46 13.17 14.15 15.44 14.34 159.43 159.43 10.57 0.62
FKKY Frankfort First Bancorp Inc. 9.75 31.98 20.31 NM 37.50 20.31 142.54 142.54 24.00 3.69
FLAG FLAG Financial Corp. 17.36 35.36 17.36 NM 133.53 22.84 166.27 166.27 15.93 1.96
FLFC First Liberty Financial Corp. 26.75 206.79 14.86 20.42 17.48 16.31 217.48 241.21 16.03 1.50
FLGS Flagstar Bancorp Inc. 18.63 254.60 10.35 41.39 NA 10.35 209.51 218.09 12.52 0.00
FLKY First Lancaster Bancshares 15.97 15.19 33.27 29.03 29.03 33.27 109.23 109.23 32.20 3.13
FMBD First Mutual Bancorp Inc. 19.75 69.26 61.72 58.09 63.71 70.54 117.77 154.54 17.21 1.62
FMCO FMS Financial Corp. 28.63 68.35 11.93 18.83 12.89 11.93 187.83 191.22 12.32 0.98
FMSB First Mutual Savings Bank 17.75 72.19 16.44 17.40 17.75 16.44 235.72 235.72 16.00 0.75
FNGB First Northern Capital Corp. 13.50 119.34 19.85 21.09 21.77 21.09 163.83 163.83 18.17 2.37
FOBC Fed One Bancorp 25.00 59.34 18.94 18.66 18.80 19.53 143.27 149.88 16.59 2.48
FPRY First Financial Bancorp NA NA NA NA NA NA NA NA NA NA
FSBI Fidelity Bancorp Inc. 24.00 37.20 14.63 22.64 14.37 15.00 151.61 151.61 10.24 1.50
FSFC First Southeast Financial Corp 15.69 68.84 18.68 19.37 19.37 18.68 191.32 191.32 19.67 1.53
FSFF First SecurityFed Financial 15.25 97.72 NA NA NA NA NA NA NA 0.00
FSLA First Savings Bank (MHC) 39.00 312.70 44.32 34.82 33.33 34.82 314.77 346.36 29.90 1.23
FSNJ Bayonne Bancshares Inc. 12.00 107.92 NA NA NA NA NA NA NA 1.42
FSPG First Home Bancorp Inc. 23.25 62.97 13.84 13.52 13.84 14.18 174.68 177.35 11.99 1.72
FSPT FirstSpartan Financial Corp. 37.50 166.14 NA NA NA NA 128.56 128.56 34.44 1.60
FSSB First FS&LA of San Bernardino 9.63 3.16 NM NM NM NM 70.36 73.03 3.05 0.00
FSTC First Citizens Corp. 38.50 70.80 5.87 13.65 13.75 6.21 214.01 275.20 20.83 1.14
FTF Texarkana First Financial Corp 25.00 44.76 13.30 18.25 14.97 13.30 166.33 166.33 26.12 2.24
FTFC First Federal Capital Corp. 26.63 244.02 13.87 16.04 19.29 18.49 232.33 246.53 15.65 1.80
FTNB Fulton Bancorp Inc. 19.75 33.96 21.47 NA NA 29.04 134.45 134.45 33.77 1.01
FTSB Fort Thomas Financial Corp. 14.00 20.93 15.22 17.72 17.72 15.22 132.58 132.58 21.39 1.79
FWWB First SB of Washington Bancorp 23.59 241.76 17.35 18.15 19.18 18.43 149.05 161.38 22.01 1.19
GAF GA Financial Inc. 19.25 153.48 16.59 20.05 20.48 17.19 130.77 132.03 19.13 2.49
GBCI Glacier Bancorp Inc. 20.75 141.48 15.26 17.01 16.60 15.26 246.73 253.05 24.64 2.31
GDVS Greater Delaware Valley (MHC) 31.25 102.27 45.96 45.96 45.96 45.96 353.11 353.11 41.10 1.15
GDW Golden West Financial 84.38 4,790.01 13.35 14.33 14.55 13.52 186.01 186.01 12.21 0.59
GFCO Glenway Financial Corp. 30.00 34.22 13.89 15.15 15.54 13.89 123.25 124.74 11.66 2.67
GFED Guaranty Federal SB (MHC) 24.50 76.56 38.28 66.22 44.55 40.83 278.41 278.41 38.38 1.80
GFSB GFS Bancorp Inc. 16.94 16.74 14.60 15.12 15.12 14.60 153.84 153.84 17.71 1.54
GLMR Gilmer Financial Svcs, Inc. 14.13 2.70 NM 117.71 20.77 NM 71.05 71.05 6.41 0.00
GOSB GSB Financial Corp. 15.13 34.00 NA NA NA NA NA NA NA 0.00
GPT GreenPoint Financial Corp. 64.88 2,778.34 17.07 18.22 18.91 17.25 192.79 359.62 21.22 1.54
GSB Golden State Bancorp Inc. 32.31 1,630.37 20.20 23.59 19.58 17.95 199.96 223.46 9.92 0.00
</TABLE>
Page 3 of 9
<PAGE>
Exhibit 6
Industry Multiples
Pricing Data as of November 14, 1997
<TABLE>
<CAPTION>
------------------------------------------------------------
Current Current Current Price in Relation to
------------------------------------------------------------Current
Stock Market Price/TM Price Book Tangible Dividend
Price Value Earnings LTM EPS Core EPS Core Value Book Value Assets Yield
Ticker Short Name ($) ($M) (x) (x) (x) (x) (%) (%) (%) (%)
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
GSBC Great Southern Bancorp Inc. 21.50 173.73 11.44 14.05 14.83 12.80 275.99 275.99 23.88 2.05
GSFC Green Street Financial Corp. 17.63 75.75 25.92 26.31 26.31 25.92 120.39 120.39 42.57 2.50
GSLA GS Financial Corp. 17.25 59.31 25.37 NA NA 25.37 104.93 104.93 45.25 1.62
GTFN Great Financial Corp. 44.50 615.14 18.86 20.41 27.64 27.13 211.10 219.97 21.26 1.35
GTPS Great American Bancorp 19.50 33.09 37.50 50.00 45.35 37.50 105.75 105.75 23.71 2.05
GUPB GFSB Bancorp Inc. 20.00 15.04 14.29 25.97 20.83 14.29 114.88 114.88 17.07 2.00
GWBC Gateway Bancorp Inc. 19.63 21.23 35.04 38.48 NA 35.04 122.27 122.27 33.08 2.04
HALL Hallmark Capital Corp. 28.00 40.40 15.91 15.47 15.73 15.56 132.26 132.26 9.65 0.00
HARB Harbor Florida Bancorp (MHC) 61.50 305.87 21.96 23.12 23.30 22.28 316.03 326.26 27.04 2.28
HARL Harleysville Savings Bank 30.00 49.85 15.00 14.93 14.93 15.00 218.02 218.02 14.44 1.47
HARS Harris Financial Inc. (MHC) 54.25 610.84 29.48 34.78 42.05 35.69 352.96 399.19 28.95 1.22
HAVN Haven Bancorp Inc. 40.00 175.44 18.87 15.81 15.75 18.18 159.55 160.06 9.57 1.50
HBBI Home Building Bancorp 21.25 6.62 19.68 18.48 18.81 19.68 104.01 104.01 15.86 1.41
HBEI Home Bancorp of Elgin Inc. 17.50 119.98 43.75 38.04 39.77 43.75 127.09 127.09 35.03 2.29
HBFW Home Bancorp 24.25 61.23 19.56 31.91 20.73 19.56 137.63 137.63 18.28 0.83
HBNK Highland Federal Bank FSB 32.00 73.60 10.96 13.56 17.68 16.67 186.05 186.05 14.26 0.00
HBS Haywood Bancshares Inc. 20.50 25.63 7.77 13.14 13.14 7.77 118.29 122.46 16.78 2.73
HCBB HCB Bancshares Inc. 13.50 35.71 NA NA NA NA 94.60 98.32 17.82 0.00
HCFC Home City Financial Corp. 16.63 15.04 14.33 NA NA 14.33 109.38 109.38 21.45 1.93
HEMT HF Bancorp Inc. 15.63 98.15 48.83 NM 52.08 55.80 117.84 141.40 9.34 0.00
HFFB Harrodsburg First Fin Bancorp 16.88 34.17 21.09 28.60 22.50 21.09 107.62 107.62 31.36 2.37
HFFC HF Financial Corp. 24.75 72.71 11.25 13.24 14.39 12.38 135.84 135.84 12.07 1.70
HFGI Harrington Financial Group 12.56 40.91 31.41 18.48 22.84 44.87 162.31 162.31 7.85 0.96
HFNC HFNC Financial Corp. 14.00 240.70 13.46 20.90 24.14 29.17 147.68 147.68 27.77 2.00
HFSA Hardin Bancorp Inc. 17.50 15.04 19.89 18.23 19.23 20.83 111.11 111.11 12.81 2.74
HHFC Harvest Home Financial Corp. 13.75 12.58 18.09 52.88 25.94 18.09 121.57 121.57 14.36 3.20
HIFS Hingham Instit. for Savings 27.00 35.19 12.98 13.64 13.64 12.98 167.70 167.70 16.28 1.78
HMCI HomeCorp Inc. 23.25 39.70 22.36 25.27 31.42 27.68 177.89 177.89 12.15 0.00
HMLK Hemlock Federal Financial Corp 17.13 35.56 19.46 NA NA 19.46 113.71 113.71 21.96 1.40
HMNF HMN Financial Inc. 26.00 109.51 17.11 18.44 21.67 23.21 129.42 129.42 19.25 0.00
HOMF Home Federal Bancorp 38.25 130.09 13.86 15.18 16.78 15.42 216.59 223.16 18.74 1.31
HPBC Home Port Bancorp Inc. 22.13 40.75 12.29 12.57 12.64 12.29 189.91 189.91 20.27 3.62
HRBF Harbor Federal Bancorp Inc. 21.50 36.41 21.50 22.87 22.87 21.50 128.43 128.43 16.76 2.23
HRZB Horizon Financial Corp. 16.63 123.59 14.84 14.98 15.25 16.63 148.84 148.84 23.27 2.65
HTHR Hawthorne Financial Corp. 18.00 55.59 9.57 13.64 14.40 9.57 128.48 128.48 6.24 0.00
HWEN Home Financial Bancorp 16.50 7.66 21.71 22.00 25.38 29.46 105.70 105.70 18.55 1.21
HZFS Horizon Financial Svcs Corp. 11.75 10.00 10.13 15.06 18.65 13.99 114.41 114.41 11.39 1.53
IBSF IBS Financial Corp. 15.50 169.71 32.29 28.70 28.70 32.29 132.59 132.59 23.10 2.58
IFSB Independence Federal Svgs Bank 14.25 18.26 6.99 21.59 25.91 118.75 102.59 116.04 7.06 1.54
INBI Industrial Bancorp Inc. 17.25 89.23 17.25 17.08 17.97 17.25 146.68 146.68 25.20 3.25
INCB Indiana Community Bank SB 20.50 18.90 73.21 107.89 39.42 73.21 165.72 165.72 20.17 1.76
IPSW Ipswich Savings Bank 12.00 28.59 13.04 14.29 17.65 16.67 251.05 251.05 14.09 1.00
ISBF ISB Financial Corp. 23.75 163.89 21.99 28.96 21.21 21.21 134.87 158.54 17.30 2.11
ITLA ITLA Capital Corp. 19.63 154.00 12.27 13.17 13.17 12.27 159.29 NA 17.08 0.00
IWBK InterWest Bancorp Inc. 37.50 301.88 14.65 15.12 17.20 19.13 232.49 236.74 14.75 1.71
JOAC Joachim Bancorp Inc. 15.00 10.84 34.09 68.18 40.54 34.09 110.13 110.13 31.02 3.33
JSB JSB Financial Inc. 47.38 468.93 14.44 16.62 18.65 18.51 131.93 131.93 30.63 2.96
JSBA Jefferson Savings Bancorp 41.00 205.26 18.30 43.62 19.16 18.64 171.12 220.55 15.88 0.98
JXSB Jacksonville Savings Bk (MHC) 26.75 34.03 37.15 78.68 41.80 47.77 199.33 199.33 20.91 1.50
JXVL Jacksonville Bancorp Inc. 18.75 45.82 11.43 24.35 8.22 11.43 138.38 138.38 20.64 2.67
KFBI Klamath First Bancorp 20.50 205.38 23.30 23.30 23.30 23.30 131.07 NA 20.95 1.56
KNK Kankakee Bancorp Inc. 30.63 43.66 15.63 15.01 15.24 15.95 112.39 119.21 12.84 1.57
KSAV KS Bancorp Inc. 22.50 19.92 18.15 17.05 17.18 18.15 136.86 136.94 18.12 2.67
KSBK KSB Bancorp Inc. 14.50 17.95 9.54 11.24 11.15 10.07 162.92 171.39 12.00 0.55
KYF Kentucky First Bancorp Inc. 13.50 17.52 15.34 16.88 17.09 16.07 119.57 119.57 19.96 3.70
LARK Landmark Bancshares Inc. 24.00 41.06 17.14 22.64 18.75 19.35 130.51 130.51 18.00 1.67
LARL Laurel Capital Group Inc. 27.00 39.04 13.24 13.78 14.29 13.78 177.63 177.63 18.59 1.93
LFBI Little Falls Bancorp Inc. 19.00 49.55 26.39 28.36 31.67 26.39 130.76 141.79 15.27 1.05
</TABLE>
Page 4 of 9
<PAGE>
Exhibit 6
Industry Multiples
Pricing Data as of November 14, 1997
<TABLE>
<CAPTION>
------------------------------------------------------------
Current Current Current Price in Relation to
------------------------------------------------------------Current
Stock Market Price/TM Price Book Tangible Dividend
Price Value Earnings LTM EPS Core EPS Core Value Book Value Assets Yield
Ticker Short Name ($) ($M) (x) (x) (x) (x) (%) (%) (%) (%)
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
LFCO Life Financial Corp. 16.38 107.12 6.82 NA NA 6.82 216.60 216.60 36.42 0.00
LFED Leeds Federal Savings Bk (MHC) 31.75 109.69 30.53 46.01 33.42 30.53 234.66 234.66 38.22 2.39
LIFB Life Bancorp Inc. 29.44 289.89 21.03 21.33 22.82 22.30 182.05 187.26 19.50 1.63
LISB Long Island Bancorp Inc. 44.00 1,057.01 20.00 21.15 24.86 24.44 193.49 195.30 17.82 1.36
LOGN Logansport Financial Corp. 15.50 19.54 16.85 17.22 16.49 16.15 120.53 120.53 22.77 2.58
LONF London Financial Corporation 14.75 7.52 21.69 28.37 19.16 21.69 101.03 101.03 19.87 1.63
LSBI LSB Financial Corp. 26.00 23.83 14.13 15.57 17.69 15.85 128.46 128.46 11.90 1.31
LSBX Lawrence Savings Bank 13.88 59.45 9.91 10.13 10.13 9.91 176.98 176.98 16.84 0.00
LVSB Lakeview Financial 25.25 113.85 16.61 21.04 29.02 37.13 184.17 214.89 22.51 0.50
LXMO Lexington B&L Financial Corp. 16.75 19.07 19.03 29.39 22.04 19.03 113.71 113.71 32.19 1.79
MAFB MAF Bancorp Inc. 32.00 487.97 13.79 13.68 13.73 14.04 185.83 211.50 14.48 0.88
MARN Marion Capital Holdings 27.50 48.89 19.10 17.30 17.52 19.10 123.76 123.76 27.16 3.20
MASB MASSBANK Corp. 43.25 153.99 15.45 16.02 17.03 17.16 153.10 155.41 16.51 2.22
MBB MSB Bancorp Inc. 29.25 83.19 22.16 26.12 26.12 23.59 130.58 244.97 10.75 2.05
MBBC Monterey Bay Bancorp Inc. 18.50 59.75 28.91 31.36 33.64 35.58 118.59 127.94 14.59 0.65
MBLF MBLA Financial Corp. 25.75 32.63 16.94 19.22 18.80 16.94 115.21 115.21 14.58 1.55
MBSP Mitchell Bancorp Inc. 17.13 15.94 28.54 27.62 27.62 28.54 111.49 111.49 46.08 2.34
MCBN Mid-Coast Bancorp Inc. 29.00 6.76 13.43 14.95 15.76 14.50 128.04 128.04 10.99 1.79
MCBS Mid Continent Bancshares Inc. 39.00 76.37 16.53 20.74 18.40 16.53 195.68 195.68 18.69 1.03
MDBK Medford Savings Bank 34.13 154.97 14.97 14.28 15.37 15.51 155.40 165.82 14.01 2.11
MECH Mechanics Savings Bank 25.00 132.33 17.36 9.33 9.33 17.36 153.09 153.09 15.93 0.00
MERI Meritrust Federal SB 50.25 38.90 15.70 15.46 15.46 15.70 201.89 201.89 16.67 1.39
METF Metropolitan Financial Corp. 26.50 93.43 15.77 18.03 19.20 16.56 267.68 293.47 10.79 0.00
MFBC MFB Corp. 23.25 38.38 20.04 20.39 20.39 20.04 114.48 114.48 15.00 1.38
MFCX Marshalltown Financial Corp. 17.13 24.17 35.68 30.04 31.71 35.68 119.17 119.17 19.26 0.00
MFFC Milton Federal Financial Corp. 15.06 34.72 23.54 23.91 26.90 25.11 122.36 122.36 16.54 3.98
MFLR Mayflower Co-operative Bank 23.75 21.15 16.05 17.09 19.15 17.99 173.74 176.71 16.83 2.86
MFSL Maryland Federal Bancorp 48.00 155.22 16.67 20.87 14.59 17.91 155.69 NA 13.21 1.75
MIFC Mid-Iowa Financial Corp. 10.13 16.97 8.73 14.46 NA 12.05 144.64 144.85 13.52 0.79
MIVI Mississippi View Holding Co. 17.63 13.05 18.36 18.36 18.55 19.16 108.13 108.13 19.03 0.91
MLBC ML Bancorp Inc. 28.56 338.92 20.40 22.67 31.74 27.46 198.22 212.52 14.63 1.40
MONT Montgomery Financial Corp. 12.63 20.87 NA NA NA NA 106.90 106.90 20.46 1.74
MRKF Market Financial Corp. 15.25 20.37 29.33 NA NA 29.33 102.83 102.83 36.00 1.84
MSBF MSB Financial Inc. 17.50 21.59 18.23 19.66 20.35 19.89 169.41 169.41 28.03 1.60
MSBK Mutual Savings Bank FSB 12.38 52.95 77.34 82.50 NM 154.69 127.18 127.18 8.10 0.00
MWBI Midwest Bancshares Inc. 52.00 17.64 11.40 15.57 17.69 15.85 170.21 170.21 11.77 1.39
MWBX MetroWest Bank 8.06 112.53 14.40 15.21 15.21 14.40 257.60 257.60 19.21 1.49
MWFD Midwest Federal Financial 25.50 41.51 14.49 19.62 20.56 19.32 227.48 235.89 20.05 1.33
NASB North American Savings Bank 53.00 118.52 10.69 13.09 13.87 13.52 208.91 216.15 16.04 1.51
NBN Northeast Bancorp 27.50 40.75 20.22 23.11 29.26 23.71 192.71 218.08 13.40 1.16
NBSI North Bancshares Inc. 26.88 25.68 55.99 35.83 40.11 55.99 157.72 157.72 21.17 1.79
NEIB Northeast Indiana Bancorp 20.75 36.58 15.72 17.15 17.15 15.72 133.78 133.78 19.22 1.64
NHTB New Hampshire Thrift Bncshrs 20.00 41.49 15.15 20.20 25.00 25.00 166.11 193.42 12.99 2.50
NMSB NewMil Bancorp Inc. 14.00 53.69 20.59 21.88 23.33 21.88 166.27 166.27 16.92 2.29
NSLB NS&L Bancorp Inc. 18.88 13.35 24.84 42.90 31.46 24.84 114.32 114.32 22.36 2.65
NSSB Norwich Financial Corp. 29.63 160.93 20.02 20.72 22.61 24.69 196.84 216.87 22.96 1.89
NSSY NSS Bancorp Inc. 37.38 90.08 19.47 16.11 54.96 21.24 173.51 179.34 13.57 1.07
NTMG Nutmeg Federal S&LA 11.63 8.58 24.22 52.84 34.19 29.06 150.58 150.58 8.38 1.72
NWEQ Northwest Equity Corp. 17.25 14.47 13.07 13.91 14.38 13.48 118.72 118.72 14.92 3.25
NWSB Northwest Savings Bank (MHC) 29.69 694.00 35.34 35.34 35.77 33.74 342.82 362.93 33.03 1.08
NYB New York Bancorp Inc. 35.31 752.83 14.24 15.69 17.31 15.76 445.31 445.31 23.20 1.70
OCFC Ocean Financial Corp. 36.00 288.53 20.00 21.95 21.95 20.00 130.29 130.29 19.76 2.22
OCN Ocwen Financial Corp. 49.25 1,489.94 17.59 16.69 29.49 29.32 356.37 365.90 48.54 0.00
OFCP Ottawa Financial Corp. 27.81 148.28 23.18 22.61 23.18 23.18 196.56 243.33 17.17 1.31
OHSL OHSL Financial Corp. 27.25 33.64 16.62 16.62 17.14 17.03 127.22 127.22 14.34 3.23
OSFS Ohio State Financial Services 15.00 9.51 NA NA NA NA NA NA NA 0.00
OTFC Oregon Trail Financial Corp. 15.75 73.94 NA NA NA NA NA NA NA 0.00
PALM Palfed Inc. 25.00 132.48 34.72 52.08 30.12 21.55 232.77 232.77 19.82 0.48
</TABLE>
Page 5 of 9
<PAGE>
Exhibit 6
Industry Multiples
Pricing Data as of November 14, 1997
<TABLE>
<CAPTION>
------------------------------------------------------------
Current Current Current Price in Relation to
------------------------------------------------------------Current
Stock Market Price/TM Price Book Tangible Dividend
Price Value Earnings LTM EPS Core EPS Core Value Book Value Assets Yield
Ticker Short Name ($) ($M) (x) (x) (x) (x) (%) (%) (%) (%)
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
PBCI Pamrapo Bancorp Inc. 24.25 68.94 13.78 14.79 14.97 13.78 143.58 144.60 18.53 4.12
PBCT People's Bank (MHC) 33.00 2,017.15 21.71 23.08 35.48 48.53 289.22 289.47 26.09 2.30
PBHC Oswego City Savings Bk (MHC) 29.50 56.54 28.37 27.57 30.73 32.07 245.42 292.08 29.29 0.95
PBKB People's Bancshares Inc. 19.13 62.79 13.28 14.17 25.84 31.88 213.45 222.64 8.75 2.30
PCBC Perry County Financial Corp. 23.50 19.46 19.58 24.48 17.41 19.58 124.93 124.93 23.99 1.70
PDB Piedmont Bancorp Inc. 10.50 28.88 17.50 NM 40.38 18.75 138.89 138.89 22.83 3.81
PEEK Peekskill Financial Corp. 17.50 55.88 25.74 31.25 23.65 25.74 118.97 118.97 30.61 2.06
PERM Permanent Bancorp Inc. 25.88 54.42 21.56 21.38 21.56 22.31 127.03 128.73 12.55 1.55
PERT Perpetual Bank (MHC) 52.50 78.99 29.83 44.49 32.61 29.83 260.68 260.68 30.83 2.67
PFDC Peoples Bancorp 31.50 71.62 16.41 22.83 16.94 16.41 163.81 163.81 24.91 2.03
PFED Park Bancorp Inc. 17.75 43.16 22.19 21.65 22.47 22.19 106.86 106.86 24.73 0.00
PFFB PFF Bancorp Inc. 18.25 326.74 24.01 27.65 27.24 24.01 124.23 125.52 12.49 0.00
PFFC Peoples Financial Corp. 14.50 21.25 25.89 NA NA 25.89 91.89 91.89 25.00 3.45
PFNC Progress Financial Corp. 14.50 58.15 18.13 16.86 21.32 18.13 247.86 277.78 13.31 0.83
PFSB PennFed Financial Services Inc 29.38 141.66 13.11 13.54 13.54 13.11 130.96 154.69 10.39 0.95
PFSL Pocahontas FS&LA (MHC) 35.88 58.56 23.60 26.38 23.15 24.24 243.06 243.06 15.46 2.51
PHBK Peoples Heritage Finl Group 40.13 1,102.42 14.75 15.74 15.74 14.75 244.37 286.20 18.20 2.09
PHFC Pittsburgh Home Financial Corp 19.63 38.65 16.35 18.87 21.10 19.63 134.14 135.53 14.14 1.22
PHSB Peoples Home Savings Bk (MHC) 17.88 49.34 NA NA NA NA 174.90 174.90 23.90 0.00
PKPS Poughkeepsie Financial Corp. 9.94 125.17 31.06 28.39 28.39 31.06 168.16 168.16 14.16 2.01
PLSK Pulaski Savings Bank (MHC) 20.50 42.44 32.03 NA NA 32.03 197.88 197.88 23.71 1.46
PMFI Perpetual Midwest Financial 25.75 48.23 22.20 31.40 39.02 25.75 141.17 141.17 12.01 1.17
PRBC Prestige Bancorp Inc. 18.28 16.72 19.04 20.09 20.09 19.04 108.30 108.30 12.13 0.66
PROV Provident Financial Holdings 19.75 95.52 15.43 20.57 42.93 29.04 111.83 111.83 14.91 0.00
PSBK Progressive Bank Inc. 32.63 124.89 14.31 14.83 15.10 14.56 161.67 179.46 14.12 2.08
PSFC Peoples-Sidney Financial Corp. 17.25 30.80 21.56 NA NA 21.56 109.73 109.73 29.95 1.62
PSFI PS Financial Inc. 16.50 34.22 21.71 NA NA 21.71 111.79 111.79 41.72 2.91
PTRS Potters Financial Corp. 32.75 15.80 14.62 14.00 14.30 16.71 146.07 146.07 12.87 1.22
PULB Pulaski Bank, Svgs Bank (MHC) 30.50 63.87 29.33 52.59 39.10 34.66 271.59 271.59 35.44 3.61
PULS Pulse Bancorp 25.00 77.01 13.89 13.89 13.89 13.89 178.19 178.19 14.64 2.80
PVFC PVF Capital Corp. 20.25 52.46 11.01 11.25 11.77 11.51 190.50 190.50 13.69 0.00
PVSA Parkvale Financial Corporation 28.00 142.97 13.73 14.00 14.00 13.73 184.21 185.43 14.22 1.86
PWBC PennFirst Bancorp Inc. 18.25 96.92 16.90 17.55 17.55 17.55 140.82 NA 11.78 1.97
PWBK Pennwood Bancorp Inc. 19.00 10.82 19.79 22.09 20.43 19.79 123.86 123.86 22.72 1.68
QCBC Quaker City Bancorp Inc. 20.38 95.21 15.44 16.98 17.56 15.44 132.91 132.91 11.24 0.00
QCFB QCF Bancorp Inc. 28.25 39.09 13.58 14.41 14.41 13.58 150.03 150.03 24.67 0.00
QCSB Queens County Bancorp Inc. 34.75 525.02 22.86 24.47 24.82 22.86 262.07 262.07 34.07 2.30
RARB Raritan Bancorp Inc. 27.25 64.64 17.93 17.69 17.93 17.93 215.59 218.88 15.87 1.76
REDF RedFed Bancorp Inc. 19.38 139.08 12.75 15.38 15.50 12.75 172.84 NA 14.38 0.00
RELI Reliance Bancshares Inc. 8.63 21.32 30.80 33.17 34.50 30.80 93.95 93.95 45.37 0.00
RELY Reliance Bancorp Inc. 33.00 287.51 15.57 17.28 18.33 19.19 171.07 232.89 14.13 1.94
RIVR River Valley Bancorp 17.50 20.83 14.58 NA NA 15.09 119.70 121.53 14.83 0.91
ROSE TR Financial Corp. 32.28 567.89 15.82 17.26 19.21 18.34 231.57 231.57 15.38 1.98
RSLN Roslyn Bancorp Inc. 20.94 913.79 18.69 NA NA 20.13 149.13 149.88 26.30 1.15
RVSB Riverview Bancorp Inc. 13.63 83.49 NM NM NA NA 142.52 147.94 29.58 0.00
SBFL SB of the Finger Lakes (MHC) 29.25 52.21 66.48 66.48 100.86 81.25 245.39 245.39 22.90 1.37
SBOS Boston Bancorp (The) NA NA NA NA NA NA NA NA NA NA
SCBS Southern Community Bancshares 18.00 20.47 21.43 NA NA 21.43 136.47 136.47 29.09 1.67
SCCB S. Carolina Community Bancshrs 22.75 15.92 25.85 36.69 28.44 25.85 133.04 133.04 34.16 2.64
SFED SFS Bancorp Inc. 22.13 27.24 22.13 22.35 22.35 22.13 125.43 125.43 15.64 1.27
SFFC StateFed Financial Corp. 27.00 21.03 23.28 19.15 19.15 23.28 136.99 136.99 24.02 1.48
SFIN Statewide Financial Corp. 21.25 95.82 16.10 16.73 16.73 16.10 148.19 148.39 13.88 2.07
SFNB Security First Network Bank 7.88 74.59 NM NM NM NM 260.76 265.15 86.35 0.00
SFSB SuburbFed Financial Corp. 32.88 41.51 15.22 16.12 19.69 19.57 144.63 145.14 9.60 0.97
SFSL Security First Corp. 17.38 131.90 16.09 16.71 16.71 16.09 209.09 212.41 19.37 1.84
SGVB SGV Bancorp Inc. 17.75 41.57 29.58 26.10 32.87 31.70 136.75 138.89 10.17 0.00
SHEN First Shenango Bancorp Inc. 34.50 71.38 15.13 15.47 15.54 15.40 152.99 152.99 17.78 1.74
SHSB SHS Bancorp Inc. 15.75 12.91 NA NA NA NA NA NA NA 0.00
</TABLE>
Page 6 of 9
<PAGE>
Exhibit 6
Industry Multiples
Pricing Data as of November 14, 1997
<TABLE>
<CAPTION>
------------------------------------------------------------
Current Current Current Price in Relation to
------------------------------------------------------------Current
Stock Market Price/TM Price Book Tangible Dividend
Price Value Earnings LTM EPS Core EPS Core Value Book Value Assets Yield
Ticker Short Name ($) ($M) (x) (x) (x) (x) (%) (%) (%) (%)
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SISB SIS Bancorp Inc. 33.00 184.17 14.47 16.10 16.26 15.00 174.23 174.23 12.67 1.70
SKAN Skaneateles Bancorp Inc. 28.25 26.98 15.69 15.87 16.42 16.05 155.65 160.24 10.90 1.42
SKBO First Carnegie Deposit (MHC) 19.25 44.28 NA NA NA NA 182.98 182.98 30.09 1.56
SMBC Southern Missouri Bancorp Inc. 18.00 29.48 23.68 27.27 18.75 23.68 111.39 111.39 18.33 2.78
SMFC Sho-Me Financial Corp. 46.50 69.71 15.50 17.35 18.24 15.50 205.48 205.48 20.21 0.00
SOBI Sobieski Bancorp Inc. 19.00 14.81 26.39 28.79 31.15 26.39 110.08 110.08 17.57 1.68
SOPN First Savings Bancorp Inc. 23.00 85.03 17.97 18.70 18.70 17.97 124.80 124.80 28.71 3.83
SOSA Somerset Savings Bank 4.81 80.14 12.03 15.53 16.04 13.37 233.64 233.64 15.40 0.00
SPBC St. Paul Bancorp Inc. 23.88 815.75 17.05 17.69 17.56 17.05 199.29 199.79 17.92 1.68
SRN Southern Banc Co. 16.88 20.76 32.45 40.18 40.18 32.45 114.48 115.50 19.56 2.07
SSB Scotland Bancorp Inc. 10.63 20.33 17.71 18.64 15.18 17.71 79.00 79.00 29.26 2.82
SSFC South Street Financial Corp. 17.25 77.56 23.96 NA NA 23.96 117.43 117.43 32.09 2.32
SSM Stone Street Bancorp Inc. 19.25 36.54 24.06 21.63 21.63 24.06 117.95 117.95 34.87 2.34
STFR St. Francis Capital Corp. 37.50 196.43 12.67 14.59 17.61 15.63 151.33 170.84 11.82 1.49
STSA Sterling Financial Corp. 21.75 164.58 16.48 17.83 19.59 19.42 167.57 183.08 8.80 0.00
SVRN Sovereign Bancorp Inc. 18.75 1,673.92 234.38 27.57 19.33 16.16 255.80 313.02 11.46 0.43
SWBI Southwest Bancshares 25.25 67.13 16.61 17.53 18.04 17.53 157.71 157.71 17.89 3.01
SWCB Sandwich Bancorp Inc. 40.00 76.76 16.13 16.95 17.24 16.39 189.04 196.66 15.00 3.50
SZB SouthFirst Bancshares Inc. 18.88 16.00 31.46 NM 99.34 31.46 117.53 117.53 16.45 2.65
THR Three Rivers Financial Corp. 20.25 16.68 17.46 19.10 20.05 18.75 128.57 129.06 17.70 1.98
THRD TF Financial Corporation 24.06 98.38 18.23 19.72 22.49 26.16 125.26 141.88 15.73 1.66
TPNZ Tappan Zee Financial Inc. 19.50 29.02 28.68 27.08 27.46 28.68 135.79 135.79 23.29 1.44
TRIC Tri-County Bancorp Inc. 29.00 16.93 20.14 19.21 18.83 17.26 125.38 125.38 19.20 2.07
TSBS Peoples Bancorp Inc. (MHC) 35.13 317.43 48.78 40.37 57.58 146.35 293.69 326.44 49.68 1.00
TSH Teche Holding Co. 19.63 67.46 17.52 23.64 17.07 17.52 126.37 126.37 16.61 2.55
TWIN Twin City Bancorp 13.63 17.34 14.81 18.92 22.71 17.93 125.34 125.34 16.21 2.94
UBMT United Financial Corp. 26.00 31.81 20.97 27.96 21.49 20.97 129.35 129.35 30.12 3.85
UFRM United Federal Savings Bank 11.50 35.35 17.97 18.25 23.00 19.17 168.62 168.62 12.37 2.09
USAB USABancshares, Inc. 8.25 6.06 14.73 30.56 33.00 17.19 128.11 130.54 12.54 0.00
VABF Virginia Beach Fed. Financial 16.75 83.40 19.03 22.33 27.46 24.63 192.53 192.53 13.77 1.19
VFFC Virginia First Financial Corp. 24.50 142.43 68.06 28.16 32.67 NM 214.16 221.72 16.58 0.41
WAMU Washington Mutual Inc. 63.75 16,394.97 NM 120.28 27.24 24.52 314.35 339.28 17.15 1.76
WAYN Wayne Svgs Community Bank(MHC) 31.50 71.04 35.80 38.89 41.45 39.38 297.73 297.73 28.39 1.97
WBST Webster Financial Corp. 61.25 830.20 22.19 28.76 18.62 15.95 228.29 265.15 12.19 1.31
WCBI Westco Bancorp 26.63 65.87 14.16 15.66 16.64 15.85 137.10 137.10 21.31 2.25
WCFB Webster City Federal SB (MHC) 21.00 44.10 32.81 42.86 NA 32.81 199.24 199.24 46.57 3.81
WEFC Wells Financial Corp. 17.88 35.02 15.41 16.25 16.40 15.96 120.29 120.29 17.11 2.69
WEHO Westwood Homestead Fin. Corp. 16.00 44.52 50.00 32.00 29.09 26.67 112.68 112.68 31.16 1.75
WES Westcorp 17.38 456.20 12.78 13.16 NM NM 133.65 133.96 12.14 2.30
WFI Winton Financial Corp. 19.75 39.23 11.22 12.19 14.74 15.43 168.52 171.89 12.09 2.33
WFSG Wilshire Financial Services 31.00 234.67 11.74 NA NA NM 340.29 340.29 19.62 0.00
WFSL Washington Federal Inc. 30.13 1,431.20 13.21 13.63 13.69 13.45 199.37 217.20 25.02 3.05
WHGB WHG Bancshares Corp. 16.13 23.58 23.71 46.07 27.80 23.71 113.88 113.88 23.52 1.98
WOFC Western Ohio Financial Corp. 25.75 60.66 214.58 38.43 32.19 32.19 110.04 117.90 15.26 3.88
WRNB Warren Bancorp Inc. 19.50 74.07 11.61 10.00 12.34 14.77 191.18 191.18 20.34 2.67
WSB Washington Savings Bank, FSB 7.19 31.25 14.98 29.95 21.14 19.97 139.30 139.30 11.67 1.39
WSFS WSFS Financial Corp. 18.50 230.18 13.60 14.57 14.68 13.60 277.78 279.88 15.39 0.00
WSTR WesterFed Financial Corp. 23.00 128.27 17.97 18.25 19.01 17.97 120.86 149.84 12.84 2.00
WVFC WVS Financial Corp. 31.00 54.20 14.62 14.98 15.05 14.62 159.96 159.96 19.20 3.87
WWFC Westwood Financial Corp. 27.63 17.83 36.35 23.02 21.58 36.35 173.20 193.59 16.14 0.72
WYNE Wayne Bancorp Inc. 21.13 42.54 21.13 19.56 19.56 21.13 128.11 128.11 15.92 0.95
YFCB Yonkers Financial Corporation 18.50 55.88 17.13 18.14 17.96 17.13 127.32 127.32 17.86 1.30
YFED York Financial Corp. 29.00 204.31 21.97 18.95 22.31 26.85 199.59 199.59 17.68 2.07
</TABLE>
Page 7 of 9
<PAGE>
Exhibit 6
Industry Multiples
Pricing Data as of November 14, 1997
<TABLE>
<CAPTION>
------------------------------------------------------------
Current Current Current Price in Relation to
------------------------------------------------------------Current
Stock Market Price/TM Price Book Tangible Dividend
Price Value Earnings LTM EPS Core EPS Core Value Book Value Assets Yield
Ticker Short Name ($) ($M) (x) (x) (x) (x) (%) (%) (%) (%)
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Pennsylvania
CVAL Chester Valley Bancorp Inc. 26.13 57.20 16.75 19.21 20.25 18.14 202.68 202.68 17.75 1.61
CMSB Commonwealth Bancorp Inc. 18.50 300.49 18.50 18.32 23.72 25.69 142.09 182.27 13.19 1.51
FSBI Fidelity Bancorp Inc. 24.00 37.20 14.63 22.64 14.37 15.00 151.61 151.61 10.24 1.50
FBBC First Bell Bancorp Inc. 17.00 110.68 14.17 14.66 15.04 14.17 154.26 154.26 16.25 2.35
FKFS First Keystone Financial 32.13 39.46 13.17 14.15 15.44 14.34 159.43 159.43 10.57 0.62
SHEN First Shenango Bancorp Inc. 34.50 71.38 15.13 15.47 15.54 15.40 152.99 152.99 17.78 1.74
SKBO First Carnegie Deposit (MHC) 19.25 44.28 NA NA NA NA 182.98 182.98 30.09 1.56
GAF GA Financial Inc. 19.25 153.48 16.59 20.05 20.48 17.19 130.77 132.03 19.13 2.49
GDVS Greater Delaware Valley (MHC) 31.25 102.27 45.96 45.96 45.96 45.96 353.11 353.11 41.10 1.15
HARL Harleysville Savings Bank 30.00 49.85 15.00 14.93 14.93 15.00 218.02 218.02 14.44 1.47
HARS Harris Financial Inc. (MHC) 54.25 610.84 29.48 34.78 42.05 35.69 352.96 399.19 28.95 1.22
LARL Laurel Capital Group Inc. 27.00 39.04 13.24 13.78 14.29 13.78 177.63 177.63 18.59 1.93
MLBC ML Bancorp Inc. 28.56 338.92 20.40 22.67 31.74 27.46 198.22 212.52 14.63 1.40
NWSB Northwest Savings Bank (MHC) 29.69 694.00 35.34 35.34 35.77 33.74 342.82 362.93 33.03 1.08
PVSA Parkvale Financial Corporation 28.00 142.97 13.73 14.00 14.00 13.73 184.21 185.43 14.22 1.86
PWBC PennFirst Bancorp Inc. 18.25 96.92 16.90 17.55 17.55 17.55 140.82 NA 11.78 1.97
PWBK Pennwood Bancorp Inc. 19.00 10.82 19.79 22.09 20.43 19.79 123.86 123.86 22.72 1.68
PHSB Peoples Home Savings Bk (MHC) 17.88 49.34 NA NA NA NA 174.90 174.90 23.90 0.00
PHFC Pittsburgh Home Financial Corp 19.63 38.65 16.35 18.87 21.10 19.63 134.14 135.53 14.14 1.22
PRBC Prestige Bancorp Inc. 18.28 16.72 19.04 20.09 20.09 19.04 108.30 108.30 12.13 0.66
PFNC Progress Financial Corp. 14.50 58.15 18.13 16.86 21.32 18.13 247.86 277.78 13.31 0.83
SVRN Sovereign Bancorp Inc. 18.75 1,673.92 234.38 27.57 19.33 16.16 255.80 313.02 11.46 0.43
THRD TF Financial Corporation 24.06 98.38 18.23 19.72 22.49 26.16 125.26 141.88 15.73 1.66
USAB USABancshares, Inc. 8.25 6.06 14.73 30.56 33.00 17.19 128.11 130.54 12.54 0.00
WVFC WVS Financial Corp. 31.00 54.20 14.62 14.98 15.05 14.62 159.96 159.96 19.20 3.87
YFED York Financial Corp. 29.00 204.31 21.97 18.95 22.31 26.85 199.59 199.59 17.68 2.07
</TABLE>
Page 8 of 9
<PAGE>
Exhibit 6
Industry Multiples
Pricing Data as of November 14, 1997
<TABLE>
<CAPTION>
------------------------------------------------------------
Current Current Current Price in Relation to
------------------------------------------------------------Current
Stock Market Price/TM Price Book Tangible Dividend
Price Value Earnings LTM EPS Core EPS Core Value Book Value Assets Yield
Ticker Short Name ($) ($M) (x) (x) (x) (x) (%) (%) (%) (%)
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Comparable Group
ALBC Albion Banc Corp. 29.25 7.31 36.56 108.33 30.15 40.63 122.08 122.08 10.66 1.09
ATSB AmTrust Capital Corp. 14.50 7.63 30.21 25.89 42.65 60.42 100.28 101.26 10.95 1.38
CSBF CSB Financial Group Inc. 12.44 11.71 51.83 73.16 46.07 51.83 95.75 101.37 23.98 0.00
FCB Falmouth Bancorp Inc. 19.50 28.37 40.63 37.50 39.00 44.32 126.62 126.62 30.20 1.03
FFBI First Financial Bancorp Inc. 19.00 7.89 NM NM 21.35 22.62 107.83 107.83 9.33 0.00
GLMR Gilmer Financial Svcs, Inc. 14.13 2.70 NM 117.71 20.77 NM 71.05 71.05 6.41 0.00
HBBI Home Building Bancorp 21.25 6.62 19.68 18.48 18.81 19.68 104.01 104.01 15.86 1.41
HHFC Harvest Home Financial Corp. 13.75 12.58 18.09 52.88 25.94 18.09 121.57 121.57 14.36 3.20
SOBI Sobieski Bancorp Inc. 19.00 14.81 26.39 28.79 31.15 26.39 110.08 110.08 17.57 1.68
SZB SouthFirst Bancshares Inc. 18.88 16.00 31.46 NM 99.34 31.46 117.53 117.53 16.45 2.65
Comparable Average 11.56 31.86 57.84 37.52 35.05 107.68 108.34 15.58 1.24
Comparable Median 9.80 30.84 45.19 30.65 31.46 108.96 108.96 15.11 1.24
All Public Average 224.91 21.39 23.48 22.85 22.70 163.35 169.84 18.94 1.57
All Public Median 59.33 17.36 18.90 19.39 19.04 148.90 151.61 16.91 1.58
New York Average 196.14 28.18 21.38 22.34 20.85 188.55 199.70 18.25 1.46
New York Median 64.77 16.83 19.08 20.34 17.84 167.43 177.63 15.99 1.51
</TABLE>
Page 9 of 9
<PAGE>
Exhibit 7
Standard Conversions - 1996 to Date
Selected Market Data
Market Data as of 11/14/97
<TABLE>
<CAPTION>
---------------------------------------
Pro-Forma Price to Pro-Forma
---------------------------------------
Gross Conversion Total Pro-Forma Pro-Forma Pro-Forma Adjusted
IPO Price Proceeds Assets Equity Book Value Tang. Book Earnings Assets
Ticker Short Name IPO Date ($) ($000) ($000) ($000) (%) (%) (x) (%)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FSFF First SecurityFed Financial 10/31/97 10.000 64,080 260,002 87,251 73.4 73.4 21.3 19.8
OTFC Oregon Trail Financial Corp. 10/06/97 10.000 46,949 204,213 61,266 76.6 76.6 18.5 18.7
SHSB SHS Bancorp Inc. 10/01/97 10.000 8,200 81,688 11,593 70.7 70.7 13.9 9.1
--------------------------------------------------------------------------------------------------------------------------
Q4 `97 Average 73.6 73.6 17.9 15.9
Median 73.4 73.4 18.5 18.7
--------------------------------------------------------------------------------------------------------------------------
OSFS Ohio State Financial Services 09/29/97 10.000 6,332 33,929 9,998 63.3 63.3 17.0 15.7
FSPT FirstSpartan Financial Corp. 07/09/97 20.000 88,608 375,526 121,408 73.0 73.0 26.0 19.1
GOSB GSB Financial Corp. 07/09/97 10.000 22,483 96,323 30,613 73.4 73.4 23.2 18.9
FBNW FirstBank Corp. 07/02/97 10.000 19,838 133,194 27,578 71.9 71.9 19.2 13.0
CFBC Community First Banking Co. 07/01/97 20.000 48,271 352,532 66,357 72.7 72.7 36.1 12.0
--------------------------------------------------------------------------------------------------------------------------
Q3`97 Average 70.9 70.9 24.3 15.7
Median 72.7 72.7 23.2 15.7
--------------------------------------------------------------------------------------------------------------------------
HCBB HCB Bancshares Inc. 05/07/97 10.000 26,450 171,241 36,760 72.0 72.0 29.0 13.4
PSFC Peoples-Sidney Financial Corp. 04/28/97 10.000 17,854 86,882 25,061 71.2 71.2 11.5 17.0
HMLK Hemlock Federal Financial Corp 04/02/97 10.000 20,763 146,595 28,989 71.6 71.6 37.5 12.4
GSLA GS Financial Corp. 04/01/97 10.000 34,385 86,521 53,934 63.8 63.8 38.7 28.4
--------------------------------------------------------------------------------------------------------------------------
Q2 '97 Average 69.7 69.6 29.2 17.8
Median 71.4 71.4 33.3 15.2
--------------------------------------------------------------------------------------------------------------------------
MRKF Market Financial Corp. 03/27/97 10.000 13,357 45,547 18,795 71.1 71.1 26.2 22.7
EFBC Empire Federal Bancorp Inc. 01/27/97 10.000 25,921 86,810 38,067 68.1 68.1 21.5 23.0
FAB FirstFed America Bancorp Inc. 01/15/97 10.000 87,126 723,778 120,969 72.0 72.0 13.6 10.7
RSLN Roslyn Bancorp Inc. 01/13/97 10.000423,714 1,596,744 588,624 72.0 72.0 9.3 21.0
AFBC Advance Financial Bancorp 01/02/97 10.000 10,845 91,852 15,256 71.1 71.1 16.8 10.6
--------------------------------------------------------------------------------------------------------------------------
Q1 '97 Average 70.9 70.9 17.5 17.6
Median 71.1 71.1 16.8 21.0
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
1997 YTD Average 71.1 71.1 22.3 16.8
Median 71.9 71.9 21.3 17.0
--------------------------------------------------------------------------------------------------------------------------
HCFC Home City Financial Corp. 12/30/96 10.000 9,522 55,728 13,373 71.2 71.2 13.7 14.6
CENB Century Bancorp Inc. 12/23/96 50.000 20,367 81,304 28,246 72.1 72.1 18.9 20.0
SCBS Southern Community Bancshares 12/23/96 10.000 11,374 64,381 15,290 74.4 74.4 14.5 15.0
BFFC Big Foot Financial Corp. 12/20/96 10.000 25,128 194,624 34,576 72.7 72.7 33.1 11.4
RIVR River Valley Bancorp 12/20/96 10.000 11,903 86,604 16,314 73.0 73.0 15.2 12.1
PSFI PS Financial Inc. 11/27/96 10.000 21,821 53,520 30,338 71.9 71.9 17.2 29.0
CFNC Carolina Fincorp Inc. 11/25/96 10.000 18,515 94,110 24,052 77.0 77.0 17.2 16.4
DCBI Delphos Citizens Bancorp Inc. 11/21/96 10.000 20,387 88,022 28,226 72.2 72.2 14.6 18.8
FTNB Fulton Bancorp Inc. 10/18/96 10.000 17,193 85,496 23,705 72.5 72.5 14.6 16.7
SSFC South Street Financial Corp. 10/03/96 10.000 44,965 166,978 58,917 76.3 76.3 26.1 21.2
AFED AFSALA Bancorp Inc. 10/01/96 10.000 14,548 133,046 20,281 71.7 71.7 13.7 9.9
--------------------------------------------------------------------------------------------------------------------------
Q4 '96 Average 73.2 73.2 18.1 16.8
Median 72.5 72.5 15.2 16.4
--------------------------------------------------------------------------------------------------------------------------
CBES CBES Bancorp Inc. 09/30/96 10.000 10,250 86,168 16,788 61.1 61.1 13.2 10.6
WEHO Westwood Homestead Fin. Corp. 09/30/96 10.000 28,434 96,638 38,512 73.8 73.8 NA 22.7
HBEI Home Bancorp of Elgin Inc. 09/27/96 10.000 70,093 304,520 96,498 72.6 72.6 24.9 18.7
PFFC Peoples Financial Corp. 09/13/96 10.000 14,910 78,078 23,187 64.3 64.3 28.6 16.0
PFED Park Bancorp Inc. 08/12/96 10.000 27,014 158,939 40,524 66.7 66.7 26.2 14.5
ANA Acadiana Bancshares Inc. 07/16/96 12.000 32,775 225,248 45,564 71.9 71.9 NA 12.7
PWBK Pennwood Bancorp Inc. 07/15/96 10.000 6,101 41,592 9,034 67.5 67.5 14.5 12.8
MBSP Mitchell Bancorp Inc. 07/12/96 10.000 9,799 28,222 13,991 70.0 70.0 NA 25.8
OCFC Ocean Financial Corp. 07/03/96 20.000167,762 1,036,445 235,685 71.2 71.2 13.4 13.9
HWEN Home Financial Bancorp 07/02/96 10.000 5,059 33,462 7,436 68.0 68.0 11.4 13.1
EGLB Eagle BancGroup Inc. 07/01/96 10.000 13,027 150,974 22,288 58.4 58.4 100.1 7.9
</TABLE>
Page 1
<PAGE>
Exhibit 7
Standard Conversions - 1996 to Date
Selected Market Data
Market Data as of 11/14/97
<TABLE>
<CAPTION>
---------------------------------
Percent Change from IPO
---------------------------------
After After After After
1 Day 1 Week 1 Month 3 Months
Ticker Short Name (%) (%) (%) (%)
- --------------------------------------------------------------------------
<S> <C> <C> <C>
FSFF First SecurityFed Financial 50.63% 51.25% NA NA
OTFC Oregon Trail Financial Corp. 67.50% 63.75% 61.25% NA
SHSB SHS Bancorp Inc. 47.50% 62.50% 60.00% NA
----------------------------------------------------------------
Q4 `97 Average 55.21% 59.17% 60.63% 0.00%
Median 50.63% 62.50% 60.63% 0.00%
----------------------------------------------------------------
OSFS Ohio State Financial Services 55.00% 53.70% 49.60% NA
FSPT FirstSpartan Financial Corp. 83.44% 85.00% 78.13% 91.88%
GOSB GSB Financial Corp. 46.25% 48.75% 43.75% 55.00%
FBNW FirstBank Corp. 58.13% 55.63% 77.50% 72.50%
CFBC Community First Banking Co. 59.38% 65.00% 70.00% 87.50%
----------------------------------------------------------------
Q3`97 Average 60.44% 61.62% 63.80% 76.72%
Median 58.13% 55.63% 70.00% 80.00%
----------------------------------------------------------------
HCBB HCB Bancshares Inc. 26.25% 27.50% 28.75% 38.75%
PSFC Peoples-Sidney Financial Corp. 25.63% 28.75% 32.50% 55.00%
HMLK Hemlock Federal Financial Corp 28.75% 28.75% 30.00% 40.00%
GSLA GS Financial Corp. 33.75% 37.50% 40.00% 51.25%
----------------------------------------------------------------
Q2 '97 Average 28.60% 30.63% 32.81% 46.25%
Median 27.50% 28.75% 31.25% 45.63%
----------------------------------------------------------------
MRKF Market Financial Corp. 29.38% 22.50% 26.25% 37.50%
EFBC Empire Federal Bancorp Inc. 32.50% 35.00% 37.50% 31.25%
FAB FirstFed America Bancorp Inc. 36.25% 41.25% 48.75% 38.75%
RSLN Roslyn Bancorp Inc. 50.00% 59.38% 60.00% 58.75%
AFBC Advance Financial Bancorp 28.75% 29.38% 40.00% 40.00%
----------------------------------------------------------------
Q1 '97 Average 35.38% 37.50% 42.50% 41.25%
Median 32.50% 35.00% 40.00% 38.75%
----------------------------------------------------------------
----------------------------------------------------------------
1997 YTD Average 44.65% 46.80% 49.00% 53.70%
Median 46.25% 48.75% 46.25% 51.25%
----------------------------------------------------------------
HCFC Home City Financial Corp. NA 25.00% 35.00% 35.00%
CENB Century Bancorp Inc. 25.25% 32.00% 30.25% 36.00%
SCBS Southern Community Bancshares 30.00% 37.50% 35.00% 40.00%
BFFC Big Foot Financial Corp. 23.13% 25.00% 38.75% 41.25%
RIVR River Valley Bancorp 36.88% 38.75% 50.00% 45.00%
PSFI PS Financial Inc. 16.41% 16.88% 25.00% 37.50%
CFNC Carolina Fincorp Inc. 30.00% 30.00% 36.25% 47.50%
DCBI Delphos Citizens Bancorp Inc. 21.25% 21.25% 20.63% 41.25%
FTNB Fulton Bancorp Inc. 25.00% 28.75% 47.50% 65.00%
SSFC South Street Financial Corp. NA 25.00% 23.75% 41.25%
AFED AFSALA Bancorp Inc. 13.75% 13.13% 15.63% 20.00%
----------------------------------------------------------------
Q4 '96 Average 24.63% 26.66% 32.52% 40.89%
Median 25.00% 25.00% 35.00% 41.25%
----------------------------------------------------------------
CBES CBES Bancorp Inc. 26.25% 34.38% 32.50% 42.50%
WEHO Westwood Homestead Fin. Corp. 7.50% 6.25% 5.00% 21.25%
HBEI Home Bancorp of Elgin Inc. 18.13% 25.00% 26.25% 33.75%
PFFC Peoples Financial Corp. 8.75% 15.00% 27.50% 30.00%
PFED Park Bancorp Inc. 2.50% 4.38% 5.00% 20.00%
ANA Acadiana Bancshares Inc. 0.00% -2.08% 3.13% 15.63%
PWBK Pennwood Bancorp Inc. -5.00% -8.75% -3.75% 11.88%
MBSP Mitchell Bancorp Inc. NA 6.25% 10.00% 21.25%
OCFC Ocean Financial Corp. 6.25% 0.63% 5.00% 18.13%
HWEN Home Financial Bancorp 2.50% -1.25% 5.00% 20.00%
EGLB Eagle BancGroup Inc. 12.50% 12.50% 11.25% 30.00%
</TABLE>
Page 1
<PAGE>
Exhibit 7
Standard Conversions - 1996 to Date
Selected Market Data
Market Data as of 11/14/97
<TABLE>
<CAPTION>
---------------------------------------
Pro-Forma Price to Pro-Forma
---------------------------------------
Gross Conversion Total Pro-Forma Pro-Forma Pro-Forma Adjusted
IPO Price Proceeds Assets Equity Book Value Tang. Book Earnings Assets
Ticker Short Name IPO Date ($) ($000) ($000) ($000) (%) (%) (x) (%)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FLKY First Lancaster Bancshares 07/01/96 10.000 9,588 35,361 12,840 74.7 74.7 18.5 21.3
--------------------------------------------------------------------------------------------------------------------------
Q3 '96 Average 68.4 68.4 27.9 15.8
Median 69.0 69.0 18.5 14.2
--------------------------------------------------------------------------------------------------------------------------
PROV Provident Financial Holdings 06/28/96 10.000 51,252 570,691 82,149 62.4 62.4 19.9 8.2
PRBC Prestige Bancorp Inc. 06/27/96 10.000 9,630 91,841 15,172 63.5 63.5 28.8 9.5
WYNE Wayne Bancorp Inc. 06/27/96 10.000 22,314 207,997 35,926 62.1 62.1 18.9 9.7
DIME Dime Community Bancorp Inc. 06/26/96 10.000145,475 665,187 204,706 71.1 71.1 15.5 17.9
MECH Mechanics Savings Bank 06/26/96 10.000 52,900 662,482 73,516 72.0 72.0 NA 7.4
CNSB CNS Bancorp Inc. 06/12/96 10.000 16,531 85,390 23,176 71.3 71.3 24.4 16.2
LXMO Lexington B&L Financial Corp. 06/06/96 10.000 12,650 49,981 17,802 71.1 71.1 20.8 20.2
FFBH First Federal Bancshares of AR 05/03/96 10.000 51,538 454,479 79,239 65.0 65.0 10.5 10.2
CBK Citizens First Financial Corp. 05/01/96 10.000 28,175 227,872 37,414 75.3 75.3 15.7 11.0
RELI Reliance Bancshares Inc. 04/19/96 8.000 20,499 32,260 27,465 74.6 74.6 32.3 38.9
CATB Catskill Financial Corp. 04/18/96 10.000 56,868 230,102 76,844 74.0 74.0 18.6 19.8
YFCB Yonkers Financial Corporation 04/18/96 10.000 35,708 208,283 46,227 77.2 77.2 15.9 14.6
GSFC Green Street Financial Corp. 04/04/96 10.000 42,981 151,028 58,793 73.1 73.1 14.6 22.2
FFDF FFD Financial Corp. 04/03/96 10.000 14,548 58,955 20,239 71.9 71.9 25.4 19.8
AMFC AMB Financial Corp. 04/01/96 10.000 11,241 68,851 15,421 72.9 72.9 17.9 14.0
FBER 1st Bergen Bancorp 04/01/96 10.000 31,740 223,167 41,156 77.1 77.1 21.0 12.5
LONF London Financial Corporation 04/01/96 10.000 5,290 34,152 7,515 70.4 70.4 24.5 13.4
PHFC Pittsburgh Home Financial Corp 04/01/96 10.000 21,821 157,570 29,090 75.0 75.0 17.0 12.2
SSB Scotland Bancorp Inc. 04/01/96 10.000 18,400 57,718 23,853 77.1 77.1 16.9 24.2
SSM Stone Street Bancorp Inc. 04/01/96 15.000 27,376 84,996 35,445 77.2 77.2 19.1 24.4
WHGB WHG Bancshares Corp. 04/01/96 10.000 16,201 85,027 22,144 73.2 73.2 15.2 16.0
--------------------------------------------------------------------------------------------------------------------------
Q2 '96 Average 71.8 71.8 19.6 16.3
Median 72.9 72.9 18.8 14.6
--------------------------------------------------------------------------------------------------------------------------
CRZY Crazy Woman Creek Bancorp 03/29/96 10.000 10,580 37,510 14,752 71.7 71.7 15.8 22.0
PFFB PFF Bancorp Inc. 03/29/96 10.000198,375 1,899,412 279,603 70.9 70.9 25.0 9.5
FCB Falmouth Bancorp Inc. 03/28/96 10.000 14,548 73,735 21,169 68.7 68.7 17.6 16.5
CFTP Community Federal Bancorp 03/26/96 10.000 46,288 162,042 63,020 73.4 73.4 13.6 22.2
GAF GA Financial Inc. 03/26/96 10.000 89,000 476,259 122,643 72.6 72.6 13.5 15.7
BYFC Broadway Financial Corp. 01/09/96 10.000 8,927 102,512 12,768 69.9 69.9 13.0 8.0
LFBI Little Falls Bancorp Inc. 01/05/96 10.000 30,418 196,394 41,370 73.5 73.5 36.4 13.4
--------------------------------------------------------------------------------------------------------------------------
Q1 '96 Average 71.5 71.6 19.3 15.3
Median 71.7 71.7 15.8 15.7
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
1996 YTD Average 71.2 71.3 20.8 16.2
Median 72.0 72.0 17.2 15.0
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
1/1/96 to Average 71.2 71.2 21.2 16.3
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
11/14/97 Median 72.0 71.9 18.2 15.7
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 2
<PAGE>
Exhibit 7
Standard Conversions - 1996 to Date
Selected Market Data
Market Data as of 11/14/97
<TABLE>
<CAPTION>
---------------------------------
Percent Change from IPO
---------------------------------
After After After After
1 Day 1 Week 1 Month 3 Months
Ticker Short Name (%) (%) (%) (%)
- ---------------------------------------------------------------------------
<S> <C> <C> <C>
FLKY First Lancaster Bancshares 35.00% 33.75% 37.50% 38.75%
-----------------------------------------------------------------
Q3 '96 Average 10.40% 10.50% 13.70% 25.26%
Median 7.50% 6.25% 7.50% 21.25%
-----------------------------------------------------------------
PROV Provident Financial Holdings 9.70% 8.10% 1.25% 23.75%
PRBC Prestige Bancorp Inc. 3.75% 2.50% -2.50% 22.50%
WYNE Wayne Bancorp Inc. 11.25% 13.75% 12.50% 36.25%
DIME Dime Community Bancorp Inc. 16.87% 20.00% 18.75% 33.75%
MECH Mechanics Savings Bank 15.00% 15.00% 12.50% 45.00%
CNSB CNS Bancorp Inc. 10.00% 16.25% 15.00% 30.00%
LXMO Lexington B&L Financial Corp. -5.00% -2.50% 1.25% 0.63%
FFBH First Federal Bancshares of AR 30.00% 32.50% 36.90% 36.25%
CBK Citizens First Financial Corp. 5.00% 0.00% 1.25% -1.25%
RELI Reliance Bancshares Inc. 4.69% 3.13% -0.75% 3.13%
CATB Catskill Financial Corp. 3.75% 6.25% 3.75% 0.00%
YFCB Yonkers Financial Corporation -2.50% 1.25% -0.60% -2.50%
GSFC Green Street Financial Corp. 28.75% 22.50% 23.10% 30.60%
FFDF FFD Financial Corp. 5.00% 5.00% 3.10% 1.25%
AMFC AMB Financial Corp. 5.00% 5.00% 5.00% 5.00%
FBER 1st Bergen Bancorp 0.00% -5.00% -3.75% -7.50%
LONF London Financial Corporation 8.12% 6.25% 1.25% 3.10%
PHFC Pittsburgh Home Financial Corp 10.00% 10.00% 6.25% 1.90%
SSB Scotland Bancorp Inc. 22.50% 25.00% 17.50% 23.75%
SSM Stone Street Bancorp Inc. 16.67% 20.00% 18.33% 12.50%
WHGB WHG Bancshares Corp. 11.25% 10.60% 12.50% 10.00%
-----------------------------------------------------------------
Q2 '96 Average 9.99% 10.27% 8.69% 14.67%
Median 9.70% 8.10% 5.00% 10.00%
-----------------------------------------------------------------
CRZY Crazy Woman Creek Bancorp NA 7.50% 5.00% 1.25%
PFFB PFF Bancorp Inc. 13.75% 16.25% 16.25% 11.25%
FCB Falmouth Bancorp Inc. 7.50% 12.50% 7.50% 3.75%
CFTP Community Federal Bancorp 26.25% 28.75% 26.25% 33.75%
GAF GA Financial Inc. 13.75% 15.00% 10.00% 10.00%
BYFC Broadway Financial Corp. 3.75% 2.50% 2.50% 3.75%
LFBI Little Falls Bancorp Inc. 13.13% 13.75% 10.00% 8.10%
-----------------------------------------------------------------
Q1 '96 Average 13.02% 13.75% 11.07% 10.26%
Median 13.44% 13.75% 10.00% 8.10%
-----------------------------------------------------------------
-----------------------------------------------------------------
1996 YTD Average 13.28% 14.34% 15.34% 22.21%
Median 11.25% 13.75% 12.50% 21.25%
-----------------------------------------------------------------
-----------------------------------------------------------------
1/1/96 to Average 21.61% 22.45% 23.38% 28.61%
-----------------------------------------------------------------
-----------------------------------------------------------------
11/14/97 Median 16.77% 20.00% 18.75% 30.30%
-----------------------------------------------------------------
</TABLE>
Page 2
<PAGE>
<TABLE>
<CAPTION>
Exhibit 7
Standard Conversions - 1996 to Date
Selected Market Data
Market Data as of 11/14/97
---------------------------------------------------------------------------
Current Price to
---------------------------------------------------------------------------
Current
Stock
Price Book Value Tang. Book LTM Earnings Earnings Core EPS LTM EPS Assets
Ticker Short Name 11/14/97 (%) (%) (X) (X) (X) (X) (%)
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FSFF First SecurityFed Financial 15,250 NA NA NA NA NA NA NA
OTFC Oregon Trail Financial Corp. 15,750 NA NA NA NA NA NA NA
SHSB SHS Bancorp Inc. 15.750 NA NA NA NA NA NA NA
------------------------------------------------------------------------------------------------------------------
Q4 `97 Average 15.583 - - - - - - -
Median 15.750 - - - - - - -
------------------------------------------------------------------------------------------------------------------
OSFS Ohio State Financial Services 15.000 NA NA NA NA NA NA NA
FSPT FirstSpartan Financial Corp. 37.500 128.560 128.560 NA NA NA NA 34.440
GOSB GSB Financial Corp. 15.125 NA NA NA NA NA NA NA
FBNW FirstBank Corp. 16.875 NA NA NA NA NA NA NA
CFBC Community First Banking Co. 38.125 131.010 NA NA NA NA NA 23.320
------------------------------------------------------------------------------------------------------------------
Q3`97 Average 24.5 129.8 128.6 - - - - 28.9
Median 16.9 129.8 128.6 - - - - 28.9
------------------------------------------------------------------------------------------------------------------
HCBB HCB Bancshares Inc. 13.500 94.6 98.3 NA NA NA NA 17.8
PSFC Peoples-Sidney Financial Corp. 38.500 109.7 109.7 NA 21.6 21.6 NA 30.0
HMLK Hemlock Federal Financial Corp 17.500 113.7 113.7 NA 19.5 19.5 NA 22.0
GSLA GS Financial Corp. 17.250 104.9 104.9 NA 25.4 25.4 NA 45.3
------------------------------------------------------------------------------------------------------------------
Q2 '97 Average 16.3 105.7 106.7 - 22.1 22.1 - 28.7
Median 17.2 107.3 107.3 - 21.6 21.6 - 26.0
------------------------------------------------------------------------------------------------------------------
MRKF Market Financial Corp. 15.250 102.8 102.8 NA 29.3 29.3 NA 36.0
EFBC Empire Federal Bancorp Inc. 1NA.025 23.7 23.7 NA 38.5
FAB FirstFed America Bancorp Inc. 20.000 128.0 128.0 NA 22.7 26.3 NA 16.8
RSLN Roslyn Bancorp Inc. 20.938 149.1 149.9 NA 18.7 20.1 NA 26.3
AFBC Advance Financial Bancorp 17.750 119.4 119.4 NA 17.1 17.1 NA 18.4
------------------------------------------------------------------------------------------------------------------
Q1 '97 Average 18.0 120.5 120.6 - 22.3 23.3 - 27.2
Median 17.8 119.4 119.4 - 22.7 23.7 - 26.3
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
1997 YTD Average 19.1 116.8 115.8 - 22.2 22.9 - 28.1
Median 16.9 113.7 111.7 - 22.1 22.6 - 26.3
------------------------------------------------------------------------------------------------------------------
HCFC Home City Financial Corp. 16.625 109.4 109.4 NA 14.3 14.3 NA 21.5
CENB Century Bancorp Inc. 84.000 111.9 111.9 NA 20.0 20.0 NA 33.9
SCBS Southern Community Bancshares 18.000 136.5 136.5 NA 21.4 21.4 NA 29.1
BFFC Big Foot Financial Corp. 18.750 125.3 125.3 NA 46.9 46.9 NA 21.9
RIVR River Valley Bancorp 17.500 119.7 121.5 NA 14.6 15.1 NA 14.8
PSFI PS Financial Inc. 16.500 111.8 111.8 NA 21.7 21.7 NA 41.7
CFNC Carolina Fincorp Inc. 17.375 124.8 124.8 NA 21.7 21.7 NA 28.2
DCBI Delphos Citizens Bancorp Inc. 17.750 121.2 121.2 NA 18.5 18.5 NA 32.3
FTNB Fulton Bancorp Inc. 19.750 134.5 134.5 NA 21.5 29.0 NA 33.8
SSFC South Street Financial Corp. 17.250 117.4 117.4 NA 24.0 24.0 NA 32.1
AFED AFSALA Bancorp Inc. 18.500 116.2 116.2 NA 20.1 20.1 NA 16.9
------------------------------------------------------------------------------------------------------------------
Q4 '96 Average 23.8 120.8 120.9 - 22.2 23.0 - 27.8
Median 17.8 119.7 121.2 - 21.4 21.4 - 29.1
------------------------------------------------------------------------------------------------------------------
CBES CBES Bancorp Inc. 19.875 112.9 112.9 15.5 15.5 17.8 17.1 19.1
WEHO Westwood Homestead Fin. Corp. 16.000 112.7 112.7 32.0 50.0 26.7 29.1 31.2
HBEI Home Bancorp of Elgin Inc. 17.500 127.1 127.1 38.0 43.8 43.8 39.8 35.0
PFFC Peoples Financial Corp. 14.500 91.9 91.9 NA 25.9 25.9 NA 25.0
PFED Park Bancorp Inc. 17.750 106.9 106.9 21.7 22.2 22.2 22.5 24.7
ANA Acadiana Bancshares Inc. 22.625 133.2 133.2 NA 21.8 21.8 NA 23.1
PWBK Pennwood Bancorp Inc. 19.000 123.9 123.9 22.1 19.8 19.8 20.4 22.7
MBSP Mitchell Bancorp Inc. 17.125 111.5 111.5 27.6 28.5 28.5 27.6 46.1
OCFC Ocean Financial Corp. 36.000 130.3 130.3 22.0 20.0 20.0 22.0 19.8
HWEN Home Financial Bancorp 16.500 105.7 105.7 22.0 21.7 29.5 25.4 18.6
EGLB Eagle BancGroup Inc. 19.500 114.5 114.5 43.3 54.2 81.3 57.4 13.6
</TABLE>
Page 3
<PAGE>
<TABLE>
<CAPTION>
Exhibit 7
Standard Conversions - 1996 to Date
Selected Market Data
Market Data as of 11/14/97
---------------------------------------------------------------------------------
Current Price to
---------------------------------------------------------------------------------
Current
Stock
Price Book Value Tang. Book LTM Earnings Earnings Core EPS LTM EPS Assets
Ticker Short Name 11/14/97 (%) (%) (X) (X) (X) (X) (%)
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FLKY First Lancaster Bancshares 15.969 109.2 109.2 29.0 33.3 33.3 29.0 32.2
------------------------------------------------------------------------------------------------------------------------
Q3 '96 Average 19.4 115.0 115.0 - 29.7 30.9 - 25.9
Median 17.6 112.8 112.8 - 24.0 26.3 - 23.9
------------------------------------------------------------------------------------------------------------------------
PROV Provident Financial Holdings 19.750 111.8 111.8 20.6 15.4 29.0 42.9 14.9
PRBC Prestige Bancorp Inc. 18.281 108.3 108.3 20.1 19.0 19.0 20.1 12.1
WYNE Wayne Bancorp Inc. 21,125 128.1 128.1 19.6 21.1 21.1 19.6 15.9
DIME Dime Community Bancorp Inc. 22.375 151.1 175.4 20.9 24.3 24.3 22.2 20.4
MECH Mechanics Savings Bank 25,000 153.1 153.1 9.3 17.4 17.4 9.3 15.9
CNSB CNS Bancorp Inc. 17.875 124.7 124.7 35.1 34.4 34.4 34.4 30.3
LXMO Lexington B&L Financial Corp. 16.750 113.7 113.7 29.4 19.0 19.0 22.0 32.2
FFBH First Federal Bancshares of AR 21.250 127.7 127.7 17.6 18.3 18.3 18.5 19.0
CBK Citizens First Financial Corp. 18.125 111.2 111.2 31.3 34.9 37.8 34.9 16.9
RELI Reliance Bancshares Inc. 8.625 94.0 94.0 33.2 30.8 30.8 34.5 45.4
CATB Catskill Financial Corp. 17.375 112.8 112.8 21.2 19.7 19.7 21.7 27.9
YFCB Yonkers Financial Corporation 18.500 127.3 127.3 18.1 17.1 17.1 18.0 17.9
GSFC Green Street Financial Corp. 17.625 120.4 120.4 26.3 25.9 25.9 26.3 42.6
FFDF FFD Financial Corp. 18.000 121.1 121.1 14.4 26.5 26.5 29.0 29.5
AMFC AMB Financial Corp. 16.375 109.5 109.5 16.4 12.8 22.7 23.4 15.3
FBER 1st Bergen Bancorp 18.875 139.1 139.1 25.9 26.2 26.2 25.9 19.0
LONF London Financial Corporation 14.750 101.0 101.0 28.4 21.7 21.7 19.2 19.9
PHFC Pittsburgh Home Financial Corp 19.625 134.1 135.5 18.9 16.4 19.6 21.1 14.1
SSB Scotland Bancorp Inc. 10.625 79.0 79.0 18.6 17.7 17.7 15.2 29.3
SSM Stone Street Bancorp Inc. 19.250 118.0 118.0 21.6 24.1 24.1 21.6 34.9
WHGB WHG Bancshares Corp. 16.125 113.9 113.9 46.1 23.7 23.7 27.8 23.5
------------------------------------------------------------------------------------------------------------------------
Q2 '96 Average 17.9 119.0 120.3 23.5 22.2 23.6 24.2 23.7
Median 18.1 118.0 118.0 20.9 21.1 22.7 22.0 19.9
------------------------------------------------------------------------------------------------------------------------
CRZY Crazy Woman Creek Bancorp 15.250 103.9 103.9 26.8 20.1 19.1 21.8 26.8
PFFB PFF Bancorp Inc. 18.250 124.2 125.5 27.7 24.0 24.0 27.2 12.5
FCB Falmouth Bancorp Inc. 19.500 126.6 126.6 37.5 40.6 44.3 39.0 30.2
CFTP Community Federal Bancorp 16.750 125.0 125.0 23.9 29.9 32.2 23.9 35.9
GAF GA Financial Inc. 19.250 130.8 132.0 20.1 16.6 17.2 20.5 19.1
BYFC Broadway Financial Corp. 13.000 88.7 88.7 NM 20.3 20.3 31.7 8.9
LFBI Little Falls Bancorp Inc. 19.000 130.8 141.8 28.4 26.4 26.4 31.7 15.3
------------------------------------------------------------------------------------------------------------------------
Q1 '96 Average 17.3 118.6 120.5 27.4 25.4 26.2 28.0 21.2
Median 18.3 125.0 125.5 27.2 24.0 24.0 27.2 19.1
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
1996 YTD Average 19.4 118.4 119.2 25.1 24.4 25.5 26.1 24.8
Median 18.0 118.0 118.0 22.1 21.7 22.2 23.7 23.1
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
1/1/96 to Average 19.4 118.1 118.6 25.1 24.1 25.2 26.1 25.3
------------------------------------------------------------------------------------------------------------------------
11/14/97 Median 17.7 117.7 117.4 22.1 21.7 22.2 23.7 23.4
------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 4
<PAGE>
Exhibit 8 Appraisal - No Foundation
Stanton Federal Savings Bank
Pro-Forma Analysis Sheet - Twelve Months Ended
September 30, 1997
Includes SOP 93-6
<TABLE>
<CAPTION>
-----------------------------------------------------------------------
Minimum Midpoint Maximum Supermaximum
-----------------------------------------------------------------------
Price-Earnings Ratio
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Comparable Mean 57.84
Median 45.19
- --------------------------------------------------------------------------------------------------------------------------
State Mean 21.38
-----------------------------------------------------------------------
Median 19.08
- --------------------------------------------------------------------------------------------------------------------------
National Mean 23.48
-----------------------------------------------------------------------
Median 18.90
- --------------------------------------------------------------------------------------------------------------------------
Recent Conversion Mean 22.30
-----------------------------------------------------------------------
Median 21.30
- --------------------------------------------------------------------------------------------------------------------------
Bank Mean (27.03) (38.46) (50.00) (66.67)
- --------------------------------------------------------------------------------------------------------------------------
Price-Book Ratio
- ----------------
- --------------------------------------------------------------------------------------------------------------------------
Comparable Mean 107.68%
-----------------------------------------------------------------------
Median 108.96%
- --------------------------------------------------------------------------------------------------------------------------
State Mean 188.55%
-----------------------------------------------------------------------
Median 167.43%
- --------------------------------------------------------------------------------------------------------------------------
National Mean 163.35%
-----------------------------------------------------------------------
Median 148.90%
- --------------------------------------------------------------------------------------------------------------------------
Recent Conversion Mean 71.10%
-----------------------------------------------------------------------
Median 71.90%
- --------------------------------------------------------------------------------------------------------------------------
Bank Mean 64.27% 68.73% 72.52% 76.10%
- --------------------------------------------------------------------------------------------------------------------------
Price-Tangible Book Ratio
- --------------------------------------------------------------------------------------------------------------------------
Comparable Mean 108.34%
-----------------------------------------------------------------------
Median 108.96%
- --------------------------------------------------------------------------------------------------------------------------
State Mean 199.70%
-----------------------------------------------------------------------
Median 177.63%
- --------------------------------------------------------------------------------------------------------------------------
National Mean 169.84%
-----------------------------------------------------------------------
Median 151.61%
- --------------------------------------------------------------------------------------------------------------------------
Recent Conversion Mean 71.10%
-----------------------------------------------------------------------
Median 71.90%
- --------------------------------------------------------------------------------------------------------------------------
Bank Mean 64.27% 68.73% 72.52% 76.10%
- --------------------------------------------------------------------------------------------------------------------------
Price-Assets Ratio
- --------------------------------------------------------------------------------------------------------------------------
Comparable Mean 15.58%
-----------------------------------------------------------------------
Median 15.11%
- --------------------------------------------------------------------------------------------------------------------------
State Mean 8.25%
-----------------------------------------------------------------------
Median 15.99%
- --------------------------------------------------------------------------------------------------------------------------
National Mean 18.94%
-----------------------------------------------------------------------
Median 16.91%
- --------------------------------------------------------------------------------------------------------------------------
Recent Conversion Mean 16.80%
-----------------------------------------------------------------------
Median 17.00%
- --------------------------------------------------------------------------------------------------------------------------
Bank Mean 11.24% 12.99% 14.69% 16.57%
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 1
<PAGE>
Exhibit 8 Appraisal - No Foundation
<TABLE>
<CAPTION>
Valuation Parameters
- --------------------
<S> <C> <C> <C>
Prior Twelve Mos. Earning Base Y
Period Ended September 30, 1997 $ (240)(1)
Pre-Conversion Book Value B
As of September 30, 1997 $ 3,480
Pre-Conversion Assets A
As of September 30, 1997 $ 37,810
Return on Money R 3.48%(2)
Conversion Expenses $ 320
X 5.82%(3)
Proceeds Not Invested $ 660 (4)
Estimated ESOP Borrowings $ 440
ESOP Purchases E 8.00%(5)
Cost of ESOP Borrowings $ 44 (5)
Cost of ESOP Borrowings S 0.00%(5)
Amort of ESOP Borrowings T 10 Years
Amort of MRP Amount N 5 Years
Estimated MRP Amount $ 220 (6)
MRP Purchases M 4.00%
MRP Expense $ 44
Foundation Amount $ - (7)
Foundation Amount F 0.0.00%
Foundation Opportunity Cost $ 0
Tax Benefit Z $ $0 (8)
Tax Rate TAX 37.00%
Percentage Sold PCT 100.00%
Amount to be issued to Public $ 5,500 (9)
Earnings Multiple (1 if stub period, 0 if full twelve months) 12 0
</TABLE>
(1) Net income for the twelve months ended September 30, 1997.
(2) Net Return assumes a reinvestment rate of 5.52 percent (the 1 year Treasury
at September 30, 1997), and a tax rate of 37%.
(3) Conversion expenses reflect estimated expenses as presented in the offering
document.
(4) Includes Stock from ESOP and MRP.
(5) Assumes ESOP is amortized straight line over 10 years.
(6) Assumes MRP is amortized straight line over 5 years.
(7) Not applicable.
(8) Not Applicable.
(9) The amount to be offered to public.
Page 2
<PAGE>
Exhibit 8 Appraisal - No Foundation
Pro Forma Calculation
Calculation of Estimated Value (V) at Midpoint Value
3. V= P/E*Y = $5,500,000
1-P/E*PCT*((1-X-E-M-F)*R-(1-TAX)*E/T-(1-TAX)*M/N)
2. V= P/B*(B+Z) = $5,500,000
1-P/B*PCT*(1-X-E-M-F)
1. V= P/A*A = $5,500,000
1-P/A*PCT*(1-X-E-M-F)
<TABLE>
<CAPTION>
Pre Foundation
-----------------------------------------------------------------------
Appraised Value
-----------------------------------------------------------------------
Conclusion Minimum Midpoint Maximum SuperMaximum*
-----------------------------------------------------------------------
<S> <C> <C> <C> <C>
Total Shares 467,500 550,000 632,500 727,375
Price per Share $10 $10 $10 $10
Full Conversion Value $4,675,000 $5,500,000 $6,325,000 $7,273,750
Exchange Shares 0 0 0 0
Exchange Percent 0.00% 0.00% 0.00% 0.00%
Conversion Shares 467,500 550,000 632,500 727,375
Conversion Percent 100.00% 100.00% 100.00% 100.00%
Gross Proceeds $4,675,000 $5,500,000 $6,325,000 $7,273,750
Exchange Value $0 $0 $0 $0
Exchange Ratio 0.000 0.000 0.000 0.000
-----------------------------------------------------------------------
</TABLE>
* SuperMaximum is an overallotment option that is 15% above the maximum amount.
Page 3
<PAGE>
Exhibit 8 Appraisal - No Foundation
Proforma Effect of Conversion Proceeds
As of September 30, 1997
(Dollars in Thousands)
<TABLE>
<CAPTION>
- ------------------------------------------ -----------------------------------------------------------------------
Conversion Proceeds Minimum Midpoint Maximum SuperMax
- ------------------------------------------ -----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Total Shares Offered 468 550 633 727
Conversion Shares Offered 468 550 633 727
Price Per Share $10 $10 $10 $10
-----------------------------------------------------------------------
Gross Proceeds $4,675 $5,500 $6,325 $7,274
Plus: Value issued to Foundation (9) $0 $0 $0 $0
-----------------------------------------------------------------------
Pro Forma Market Capitalization $4,675 $5,500 $6,325 $7,274
=======================================================================
Gross Proceeds $4,675 $5,500 $6,325 $7,274
Less: Est. Conversion Expenses $320 $320 $320 $320
=======================================================================
Net Proceeds $4,355 $5,180 $6,005 $6,954
=======================================================================
- ------------------------------------------
Estimated Income from Proceeds
- ------------------------------------------
Net Conversion Proceeds $4,355 $5,180 $6,005 $6,954
Less: ESOP Adjustment (3) $374 $440 $506 $582
Less: MRP Adjustment (3) $187 $220 $253 $291
-----------------------------------------------------------------------
Net Proceeds Reinvested $3,794 $4,520 $5,246 $6,081
Estimated Incremental Rate of Return 3.48% 3.48% 3.48% 3.48%
-----------------------------------------------------------------------
Estimated Incremental Return $132 $157 $183 $212
Less: Cost of ESOP (4) $0 $0 $0 $0
Less: Amortization of ESOP (7) $24 $28 $32 $37
Less: MRP Adjustment (7) $24 $28 $32 $37
-----------------------------------------------------------------------
Pro-forma Net Income $84 $101 $119 $138
Earnings Before Conversion ($240) ($240) ($240) ($240)
-----------------------------------------------------------------------
Earnings Excluding Adjustment ($156) ($139) ($121) ($102)
Earnings Adjustment (6) $0 $0 $0 $0
-----------------------------------------------------------------------
Earnings After Conversion ($156) ($139) ($121) ($102)
- ------------------------------------------
Pro-forma Net Worth
- ------------------------------------------
Net Worth at September 30, 1997 $ 3,480 $ 3,480 $ 3,480 $ 3,480
Net Conversion Proceeds 4,355 5,180 6,005 6,954
Plus: MHC Adjustment (7) 0 0 0 0
Plus: After tax Foundation Contribution - - - -
Less: ESOP Adjustment (1) ($374) ($440) ($506) ($582)
Less: MRP Adjustment (2) ($187) ($220) ($253) ($291)
-----------------------------------------------------------------------
Pro-forma Net Worth $7,274 $8,000 $8,726 $9,561
- ------------------------------------------
Pro-forma Tangible Net Worth
- ------------------------------------------
Pro-forma Net Worth $7,274 $8,000 $8,726 $9,561
Less: Intangible (5) $0 $0 $0 $0
-----------------------------------------------------------------------
Pro-forma Tangible Net Worth $7,274 $8,000 $8,726 $9,561
- ------------------------------------------
Pro-forma Assets
- ------------------------------------------
Total Assets at September 30, 1997 $ 37,810 $ 37,810 $ 37,810 $ 37,810
Net Conversion Proceeds $4,355 $5,180 $6,005 $6,954
Plus: MHC Adjustment (7) 0 0 0 0
Plus: Tax Benefit of Foundation - - - -
Less: ESOP Adjustment (1) (374) (440) (506) (582)
Less: MRP Adjustment (2) (187) (220) (253) (291)
-----------------------------------------------------------------------
Pro-forma Assets Excluding Adjustment 41,604 42,330 43,056 43,891
Plus: Adjustment (6) 0 0 0 0
-----------------------------------------------------------------------
Pro-forma Total Assets $41,604 $42,330 $43,056 $43,891
-----------------------------------------------------------------------
</TABLE>
Page 4
<PAGE>
Exhibit 8 Appraisal - No Foundation
Proforma Effect of Conversion Proceeds
As of September 30, 1997
(Dollars in Thousands)
<TABLE>
<CAPTION>
--------------------------------------------------------------------------
Minimum Midpoint Maximum SuperMax
--------------------------------------------------------------------------
- ------------------------------------------
Stockholder's Equity Per Share
- ------------------------------------------
<S> <C> <C> <C> <C> <C>
Net Worth at September 30, 1997 $7.44 $6.33 $5.50 $4.78
Estimated Net Proceeds $9.32 $9.42 $9.49 $9.56
Plus: MHC Adjustment $0.00 $0.00 $0.00 $0.00
Plus: Foundation Contribution $0.00 $0.00 $0.00 $0.00
Less: ESOP Stock ($0.80) ($0.80) ($0.80) ($0.80)
Less: MRP Stock ($0.40) ($0.40) ($0.40) ($0.40)
------ ------ ------ ------
Pro-forma Net Worth Per Share $15.56 $14.55 $13.79 $13.14
Less: Intangible $0.00 $0.00 $0.00 $0.00
----- ----- ----- -----
Pro-forma Tangible Net Worth Per Share $15.56 $14.55 $13.79 $13.14
- ------------------------------------------
Net Earnings Per Share
- ------------------------------------------
Historical Earnings Per Share (8) ($0.55) ($0.47) ($0.41) ($0.36)
Incremental return Per Share (8) $0.30 $0.31 $0.31 $0.31
ESOP Adjustment Per Share (8) ($0.06) ($0.05) ($0.05) ($0.05)
MRP Adjustment Per Share (8) ($0.06) ($0.05) ($0.05) ($0.05)
Normalizing Adjustment Per Share $0.00 $0.00 $0.00 $0.00
----- ----- ----- -----
Proforma Earnings Per Share (8) ($0.37) ($0.26) ($0.20) ($0.15)
- ------------------------------------------
Shares Utilized
- ------------------------------------------
Shares Utilized 435 510 587 675
- ------------------------------------------
Pro-forma Ratios
- ------------------------------------------
Price/EPS without Adjustment -27.03 -38.46 -50.00 -66.67
Price/EPS with Adjustment -27.03 -38.46 -50.00 -66.67
Price/Book Value per Share 64.27% 68.73% 72.52% 76.10%
Price/Tangible Book Value 64.27% 68.73% 72.52% 76.10%
Market Value/Assets 11.24% 12.99% 14.69% 16.57%
-----------------------------------------------------------------------
</TABLE>
(1) ESOP Borrowings are deducted from net worth and assets, and amortized over
10 years.
(2) MRP Borrowings are omitted from net worth and assets, and amortized over 5
years.
(3) Consists of ESOP and MRP amortization.
(4) The ESOP loan is from the Holding Company and therefore,there are no costs.
(5) Not applicable.
(6) Not applicable.
(7) ESOP and MRP are amortized over 10 and 5 years respectively, and tax
impacted at 37%.
(8) All EPS computations are done in accordance with SOP 93-6.
(9) Not applicable.
Page 5
<PAGE>
Exhibit 8 Appraisal - No Foundation
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Total Shares Offered 468 550 633 727
Price Per Share $10 $10 $10 $10
-----------------------------------------------------------------------
Gross Proceeds 4,675 5,500 6,325 7,274
Estimated Insider Purchases -575 -575 -575 -575
ESOP Purchases -374 -440 -506 -582
-----------------------------------------------------------------------
Proceeds to Base Fee On 3,726 4,485 5,244 6,117
Underwriters Percentage 0.00% 0.00% 0.00% 0.00%
-----------------------------------------------------------------------
Underwriters Fee 0 0 0 0
Advisory Fee 0 0 0 0
-----------------------------------------------------------------------
Total Underwriters Fee 0 0 0 0
All Other Expenses 320 320 320 320
-----------------------------------------------------------------------
Total Expense 320 320 320 320
Shares Outstanding 468 550 633 727
Less: New ESOP Adjustment 37 44 51 58
Less: Old ESOP Adjustment (1) 0 0 0 0
Plus: New SOP 93-6 ESOP Shares (2) 4 4 5 6
Plus: Old SOP 93-6 ESOP Shares (2) 0 0 0 0
Shares for all EPS Calculations 435 510 587 675
</TABLE>
Dilution of Stock Options 10.78%
Dilution of MRP 4.31%
<TABLE>
<CAPTION>
Post Foundation
-----------------------------------------------------------------------
Appraised Value
-----------------------------------------------------------------------
Conclusion Minimum Midpoint Maximum SuperMaximum
-----------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares Issued and Exchanged 467,500 550,000 632,500 727,375
Price per Share $10 $10 $10 $10
Shares Issued to Foundation - - - -
Total Shares 467,500 550,000 632,500 727,375
Exchange Shares - - - -
Conversion Shares 467,500 550,000 632,500 727,375
Implied Exhange Ratio - - - -
Gross Proceeds $4,675,000 $5,500,000 $6,325,000 $7,273,750
Exchange Value $0 $0 $0 $0
-----------------------------------------------------------------------
</TABLE>
Page 6
<PAGE>
<TABLE>
<CAPTION>
Exhibit 8 Appraisal - No Foundation
<S> <C> <C> <C> <C> <C>
MRP Dilution
Shares Outstanding 468 550 633 727
Less: New ESOP Adjustment 37 44 51 58
Plus: New MRP issued (1) 19 22 25 29
Plus: New SOP 93-6 ESOP Shares (2) 4 4 5 6
(2)
-----------------------------------------------------------------------
Shares for all EPS Calculations 453 532 612 704
EPS $ (0.33) $ (0.25) $ (0.18) $ (0.13)
BV/Share $14.96 $13.99 $13.27 $12.64
Option dilution
Shares Outstanding 468 550 633 727
Less: New ESOP Adjustment 37 44 51 58
Plus: Options (1) 47 55 63 73
Plus: New SOP 93-6 ESOP Shares (2) 4 4 5 6
(2)
-----------------------------------------------------------------------
Shares for all EPS Calculations 481 565 650 748
EPS $ (0.32) $ (0.25) $ (0.19) $ (0.14)
BV/Share $15.05 $14.13 $13.45 $12.86
Foundation Dilution
Aftertax expense $0 $0 $0 $0
EPS ($0.37) ($0.26) ($0.20) ($0.15)
Adjusted EPS -0.36 -0.27 -0.21 -0.15
</TABLE>
Page 7
<PAGE>
Exhibit 9 Offering Circular - No Foundation
Stanton Federal Savings Bank
Pro-Forma Analysis Sheet - Twelve Months Ended
December 31, 1996
Includes SOP 93-6
<TABLE>
<CAPTION>
-----------------------------------------------------------------------
Minimum Midpoint Maximum Supermaximum
-----------------------------------------------------------------------
Price-Earnings Ratio
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Comparable Mean 57.84
Median 45.19
- --------------------------------------------------------------------------------------------------------------------------
State Mean 21.38
-----------------------------------------------------------------------
Median 19.08
- --------------------------------------------------------------------------------------------------------------------------
National Mean 23.48
-----------------------------------------------------------------------
Median 18.90
- --------------------------------------------------------------------------------------------------------------------------
Recent Conversion Mean 22.30
-----------------------------------------------------------------------
Median 21.30
- --------------------------------------------------------------------------------------------------------------------------
Bank Mean 142.86 83.33 76.92 71.43
- --------------------------------------------------------------------------------------------------------------------------
Price-Book Ratio
- --------------------------------------------------------------------------------------------------------------------------
Comparable Mean 107.68%
-----------------------------------------------------------------------
Median 108.96%
- --------------------------------------------------------------------------------------------------------------------------
State Mean 188.55%
-----------------------------------------------------------------------
Median 167.43%
- --------------------------------------------------------------------------------------------------------------------------
National Mean 163.35%
-----------------------------------------------------------------------
Median 148.90%
- --------------------------------------------------------------------------------------------------------------------------
Recent Conversion Mean 71.10%
-----------------------------------------------------------------------
Median 71.90%
- --------------------------------------------------------------------------------------------------------------------------
Bank Mean 63.45% 67.98% 71.79% 75.36%
- --------------------------------------------------------------------------------------------------------------------------
Price-Tangible Book Ratio
- --------------------------------------------------------------------------------------------------------------------------
Comparable Mean 108.34%
-----------------------------------------------------------------------
Median 108.96%
- --------------------------------------------------------------------------------------------------------------------------
State Mean 199.70%
-----------------------------------------------------------------------
Median 177.63%
- --------------------------------------------------------------------------------------------------------------------------
National Mean 169.84%
-----------------------------------------------------------------------
Median 151.61%
- --------------------------------------------------------------------------------------------------------------------------
Recent Conversion Mean 71.10%
-----------------------------------------------------------------------
Median 71.90%
- --------------------------------------------------------------------------------------------------------------------------
Bank Mean 63.45% 67.98% 71.79% 75.36%
- --------------------------------------------------------------------------------------------------------------------------
Price-Assets Ratio
- --------------------------------------------------------------------------------------------------------------------------
Comparable Mean 15.58%
-----------------------------------------------------------------------
Median 15.11%
- --------------------------------------------------------------------------------------------------------------------------
State Mean 8.25%
-----------------------------------------------------------------------
Median 15.99%
- --------------------------------------------------------------------------------------------------------------------------
National Mean 18.94%
-----------------------------------------------------------------------
Median 16.91%
- --------------------------------------------------------------------------------------------------------------------------
Recent Conversion Mean 16.80%
-----------------------------------------------------------------------
Median 17.00%
- --------------------------------------------------------------------------------------------------------------------------
Bank Mean 12.60% 14.54% 16.41% 18.47%
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 1
<PAGE>
Exhibit 9 Offering Circular - No Foundation
<TABLE>
<CAPTION>
<S> <C> <C>
Valuation Parameters
- --------------------
Prior Twelve Mos. Earning Base Y
Period Ended December 31, 1996 $ (46)(1)
Pre-Conversion Book Value B
As of December 31, 1996 $ 3,570
Pre-Conversion Assets A
As of December 31, 1996 $ 33,297
Return on Money R 3.48%(2)
Conversion Expenses $ 320
X 5.82%(3)
Proceeds Not Invested $ 660 (4)
Estimated ESOP Borrowings $440
ESOP Purchases E 8.00%(5)
Cost of ESOP Borrowings $44 (5)
Cost of ESOP Borrowings S 0.00 (5)
Amort of ESOP Borrowings T 10 Years
Amort of MRP Amount N 5 Years
Estimated MRP Amount $ 220 (6)
MRP Purchases M 4.00%
MRP Expense $ 44
Foundation Amount $ - (7)
Foundation Amount F 0.00% 0.00%
Foundation Opportunity Cost $0
Tax Benefit Z $0 (8)
Tax Rate TAX 37.00%
Percentage Sold PCT 100.00%
Amount to be issued to Public $5,500 (9)
Earnings Multiple (1 if stub period, 0 if full twelve months) 12
</TABLE>
(1) Net income for the twelve months ended December 31, 1996.
(2) Net Return assumes a reinvestment rate of 5.52 percent (the 1 year Treasury
at September 30, 1997), and a tax rate of 37%.
(3) Conversion expenses reflect estimated expenses as presented in the offering
document.
(4) Includes Stock from ESOP and MRP.
(5) Assumes ESOP is amortized straight line over 10 years.
(6) Assumes MRP is amortized straight line over 5 years.
(7) Not applicable.
(8) Not Applicable.
(9) The amount to be offered to public.
Page 2
<PAGE>
Exhibit 9 Offering Circular - No Foundation
Pro Forma Calculation
Calculation of Estimated Value (V) at Midpoint Value
3. V= P/E*Y = $5,500,000
-----
1-P/E*PCT*((1-X-E-M-F)*R-(1-TAX)*E/T-(1-TAX)*M/N)
2. V= P/B*(B+Z) = $5,500,000
---------
1-P/B*PCT*(1-X-E-M-F)
1. V= P/A*A = $5,500,000
-----
1-P/A*PCT*(1-X-E-M-F)
<TABLE>
<CAPTION>
Pre Foundation
-----------------------------------------------------------------------
Appraised Value
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Conclusion Minimum Midpoint Maximum SuperMaximum *
-----------------------------------------------------------------------
-----------------------------------------------------------------------
<S> <C> <C> <C> <C>
Total Shares 467,500 550,000 632,500 727,375
Price per Share $10 $10 $10 $10
Full Conversion Value $4,675,000 $5,500,000 $6,325,000 $7,273,750
Exchange Shares 0 0 0 0
Exchange Percent 0.00% 0.00% 0.00% 0.00%
Conversion Shares 467,500 550,000 632,500 727,375
Conversion Percent 100.00% 100.00% 100.00% 100.00%
Gross Proceeds $4,675,000 $5,500,000 $6,325,000 $7,273,750
Exchange Value $0 $0 $0 $0
Exchange Ratio 0.000 0.000 0.000 0.000
-----------------------------------------------------------------------
</TABLE>
* SuperMaximum is an overallotment option that is 15% above the maximum amount.
Page 3
<PAGE>
Exhibit 9 Offering Circular - No Foundation
<TABLE>
<CAPTION>
Proforma Effect of Conversion Proceeds
As of December 31, 1996
(Dollars in Thousands)
- ------------------------------------------ -----------------------------------------------------------------------
Conversion Proceeds Minimum Midpoint Maximum SuperMax
- ------------------------------------------ -----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Total Shares Offered 468 550 633 727
Conversion Shares Offered 468 550 633 727
Price Per Share $10 $10 $10 $10
-----------------------------------------------------------------------
Gross Proceeds $4,675 $5,500 $6,325 $7,274
Plus: Value issued to Foundation (9) $0 $0 $0 $0
-----------------------------------------------------------------------
Pro Forma Market Capitalization $4,675 $5,500 $6,325 $7,274
=======================================================================
Gross Proceeds $4,675 $5,500 $6,325 $7,274
Less: Est. Conversion Expenses $320 $320 $320 $320
=======================================================================
Net Proceeds $4,355 $5,180 $6,005 $6,954
=======================================================================
- ------------------------------------------
Estimated Income from Proceeds
- ------------------------------------------
Net Conversion Proceeds $4,355 $5,180 $6,005 $6,954
Less: ESOP Adjustment (3) $374 $440 $506 $582
Less: MRP Adjustment (3) $187 $220 $253 $291
-----------------------------------------------------------------------
Net Proceeds Reinvested $3,794 $4,520 $5,246 $6,081
Estimated Incremental Rate of Return 3.48% 3.48% 3.48% 3.48%
-----------------------------------------------------------------------
Estimated Incremental Return $132 $157 $183 $212
Less: Cost of ESOP (4) $0 $0 $0 $0
Less: Amortization of ESOP (7) $24 $28 $32 $37
Less: MRP Adjustment (7) $24 $28 $32 $37
-----------------------------------------------------------------------
Pro-forma Net Income $84 $101 $119 $138
Earnings Before Conversion ($46) ($46) ($46) ($46)
-----------------------------------------------------------------------
Earnings Excluding Adjustment $38 $55 $73 $92
Earnings Adjustment (6) $0 $0 $0 $0
-----------------------------------------------------------------------
Earnings After Conversion $38 $55 $73 $92
- ------------------------------------------
Pro-forma Net Worth
- ------------------------------------------
Net Worth at December 31, 1996 $ 3,570 $ 3,570 $ 3,570 $ 3,570
Net Conversion Proceeds 4,355 5,180 6,005 6,954
Plus: MHC Adjustment (7) 0 0 0 0
Plus: After tax Foundation Contribution - - - -
Less: ESOP Adjustment (1) ($374) ($440) ($506) ($582)
Less: MRP Adjustment (2) ($187) ($220) ($253) ($291)
-----------------------------------------------------------------------
Pro-forma Net Worth $7,364 $8,090 $8,816 $9,651
- ------------------------------------------
Pro-forma Tangible Net Worth
- ------------------------------------------
Pro-forma Net Worth $7,364 $8,090 $8,816 $9,651
Less: Intangible (5) $0 $0 $0 $0
-----------------------------------------------------------------------
Pro-forma Tangible Net Worth $7,364 $8,090 $8,816 $9,651
- ------------------------------------------
Pro-forma Assets
- ------------------------------------------
Total Assets at December 31, 1996 $ 33,297 $ 33,297 $ 33,297 $ 33,297
Net Conversion Proceeds $4,355 $5,180 $6,005 $6,954
Plus: MHC Adjustment (7) 0 0 0 0
Plus: Tax Benefit of Foundation - - - -
Less: ESOP Adjustment (1) (374) (440) (506) (582)
Less: MRP Adjustment (2) (187) (220) (253) (291)
-----------------------------------------------------------------------
Pro-forma Assets Excluding Adjustment 37,091 37,817 38,543 39,378
Plus: Adjustment (6) 0 0 0 0
-----------------------------------------------------------------------
Pro-forma Total Assets $37,091 $37,817 $38,543 $39,378
-----------------------------------------------------------------------
</TABLE>
Page 4
<PAGE>
Exhibit 9 Offering Circular - No Foundation
<TABLE>
<CAPTION>
Proforma Effect of Conversion Proceeds
As of December 31, 1996
(Dollars in Thousands)
---------------------------------------------------------------------------
Minimum Midpoint Maximum SuperMax
---------------------------------------------------------------------------
- ------------------------------------------
Stockholder's Equity Per Share
- ------------------------------------------
<S> <C> <C> <C> <C> <C>
Net Worth at December 31, 1996 $7.64 $6.49 $5.64 $4.91
Estimated Net Proceeds $9.32 $9.42 $9.49 $9.56
Plus: MHC Adjustment $0.00 $0.00 $0.00 $0.00
Plus: Foundation Contribution $0.00 $0.00 $0.00 $0.00
Less: ESOP Stock ($0.80) ($0.80) ($0.80) ($0.80)
Less: MRP Stock ($0.40) ($0.40) ($0.40) ($0.40)
------ ------ ------ ------
Pro-forma Net Worth Per Share $15.76 $14.71 $13.93 $13.27
Less: Intangible $0.00 $0.00 $0.00 $0.00
----- ----- ----- -----
Pro-forma Tangible Net Worth Per Share $15.76 $14.71 $13.93 $13.27
- ------------------------------------------
Net Earnings Per Share
- ------------------------------------------
Historical Earnings Per Share (8) ($0.11) ($0.09) ($0.08) ($0.07)
Incremental return Per Share (8) $0.30 $0.31 $0.31 $0.31
ESOP Adjustment Per Share (8) ($0.06) ($0.05) ($0.05) ($0.05)
MRP Adjustment Per Share (8) ($0.06) ($0.05) ($0.05) ($0.05)
Normalizing Adjustment Per Share $0.00 $0.00 $0.00 $0.00
----- ----- ----- -----
Proforma Earnings Per Share (8) $0.07 $0.12 $0.13 $0.14
- ------------------------------------------
Shares Utilized
- ------------------------------------------
Shares Utilized 435 510 587 675
- ------------------------------------------
Pro-forma Ratios
- ------------------------------------------
Price/EPS without Adjustment 142.86 83.33 76.92 71.43
Price/EPS with Adjustment 142.86 83.33 76.92 71.43
Price/Book Value per Share 63.45% 67.98% 71.79% 75.36%
Price/Tangible Book Value 63.45% 67.98% 71.79% 75.36%
Market Value/Assets 12.60% 14.54% 16.41% 18.47%
----------------------------------------------------------------------------
</TABLE>
(1) ESOP Borrowings are deducted from net worth and assets, and amortized over
10 years.
(2) MRP Borrowings are omitted from net worth and assets, and amortized over 5
years.
(3) Consists of ESOP and MRP amortization.
(4) The ESOP loan is from the Holding Company and therefore,there are no costs.
(5) Not applicable.
(6) Not applicable.
(7) ESOP and MRP are amortized over 10 and 5 years respectively, and tax
impacted at 37%.
(8) All EPS computations are done in accordance with SOP 93-6.
(9) Not applicable.
Pagea 5
<PAGE>
Exhibit 9 Offering Circular - No Foundation
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Total Shares Offered 468 550 633 727
Price Per Share $10 $10 $10 $10
-----------------------------------------------------------------------
Gross Proceeds 4,675 5,500 6,325 7,274
Estimated Insider Purchases -575 -575 -575 -575
ESOP Purchases -374 -440 -506 -582
-----------------------------------------------------------------------
Proceeds to Base Fee On 3,726 4,485 5,244 6,117
Underwriters Percentage 0.00% 0.00% 0.00% 0.00%
-----------------------------------------------------------------------
Underwriters Fee 0 0 0 0
Advisory Fee 0 0 0 0
-----------------------------------------------------------------------
Total Underwriters Fee 0 0 0 0
All Other Expenses 320 320 320 320
-----------------------------------------------------------------------
Total Expense 320 320 320 320
Shares Outstanding 468 550 633 727
Less: New ESOP Adjustment 37 44 51 58
Less: Old ESOP Adjustment (1) 0 0 0 0
Plus: New SOP 93-6 ESOP Shares (2) 4 4 5 6
Plus: Old SOP 93-6 ESOP Shares (2) 0 0 0 0
Shares for all EPS Calculations 435 510 587 675
Dilution of Stock Options 10.78%
Dilution of MRP 4.31%
</TABLE>
<TABLE>
<CAPTION>
Post Foundation
-----------------------------------------------------------------------
Appraised Value
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Conclusion Minimum Midpoint Maximum SuperMaximum
-----------------------------------------------------------------------
-----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Shares Issued and Exchanged 467,500 550,000 632,500 727,375
Price per Share $10 $10 $10 $10
Shares Issued to Foundation - - - -
Total Shares 467,500 550,000 632,500 727,375
Exchange Shares - - - -
Conversion Shares 467,500 550,000 632,500 727,375
Implied Exhange Ratio - - - -
Gross Proceeds $4,675,000 $5,500,000 $6,325,000 $7,273,750
Exchange Value $0 $0 $0 $0
-----------------------------------------------------------------------
MRP Dilution
Shares Outstanding 468 550 633 727
Less: New ESOP Adjustment 37 44 51 58
Plus: New MRP issued (1) 19 22 25 29
Plus: New SOP 93-6 ESOP Shares (2) 4 4 5 6
(2)
-----------------------------------------------------------------------
Shares for all EPS Calculations 453 532 612 704
EPS $ 0.10 $ 0.12 $ 0.13 $ 0.14
BV/Share $15.15 $14.14 $13.40 $12.76
</TABLE>
Page 6
<PAGE>
Exhibit 9 Offering Circular - No Foundation
<TABLE>
<CAPTION>
Option dilution
<S> <C> <C> <C> <C> <C>
Shares Outstanding 468 550 633 727
Less: New ESOP Adjustment 37 44 51 58
Plus: Options (1) 47 55 63 73
Plus: New SOP 93-6 ESOP Shares (2) 4 4 5 6
(2)
-----------------------------------------------------------------------
Shares for all EPS Calculations 481 565 650 748
EPS $ 0.08 $ 0.10 $ 0.11 $ 0.12
BV/Share $15.23 $14.28 $13.58 $12.97
Foundation Dilution
Aftertax expense $0 $0 $0 $0
EPS $0.07 $0.12 $0.13 $0.14
Adjusted EPS 0.09 0.11 0.12 0.14
</TABLE>
Page 7
<PAGE>
Exhibit 10 Stub Period - No Foundation
<TABLE>
<CAPTION>
Stanton Federal Savings Bank
Pro-Forma Analysis Sheet - Nine Months Ended
September 30, 1997
Includes SOP 93-6
-----------------------------------------------------------------------
Minimum Midpoint Maximum Supermaximum
-----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Price-Earnings Ratio
- --------------------------------------------------------------------------------------------------------------------------
Comparable Mean 57.84
Median 45.19
- --------------------------------------------------------------------------------------------------------------------------
State Mean 21.38
-----------------------------------------------------------------------
Median 19.08
- --------------------------------------------------------------------------------------------------------------------------
National Mean 23.48
-----------------------------------------------------------------------
Median 18.90
- --------------------------------------------------------------------------------------------------------------------------
Recent Conversion Mean 22.30
-----------------------------------------------------------------------
Median 21.30
- --------------------------------------------------------------------------------------------------------------------------
Bank Mean (27.78) (35.71) (46.88) (68.18)
- --------------------------------------------------------------------------------------------------------------------------
Price-Book Ratio
- --------------------------------------------------------------------------------------------------------------------------
Comparable Mean 107.68%
-----------------------------------------------------------------------
Median 108.96%
- --------------------------------------------------------------------------------------------------------------------------
State Mean 188.55%
-----------------------------------------------------------------------
Median 167.43%
- --------------------------------------------------------------------------------------------------------------------------
National Mean 163.35%
-----------------------------------------------------------------------
Median 148.90%
- --------------------------------------------------------------------------------------------------------------------------
Recent Conversion Mean 71.10%
-----------------------------------------------------------------------
Median 71.90%
- --------------------------------------------------------------------------------------------------------------------------
Bank Mean 64.27% 68.73% 72.52% 76.10%
- --------------------------------------------------------------------------------------------------------------------------
Price-Tangible Book Ratio
- --------------------------------------------------------------------------------------------------------------------------
Comparable Mean 108.34%
-----------------------------------------------------------------------
Median 108.96%
- --------------------------------------------------------------------------------------------------------------------------
State Mean 199.70%
-----------------------------------------------------------------------
Median 177.63%
- --------------------------------------------------------------------------------------------------------------------------
National Mean 169.84%
-----------------------------------------------------------------------
Median 151.61%
- --------------------------------------------------------------------------------------------------------------------------
Recent Conversion Mean 71.10%
-----------------------------------------------------------------------
Median 71.90%
- --------------------------------------------------------------------------------------------------------------------------
Bank Mean 64.27% 68.73% 72.52% 76.10%
- --------------------------------------------------------------------------------------------------------------------------
Price-Assets Ratio
- --------------------------------------------------------------------------------------------------------------------------
Comparable Mean 15.58%
-----------------------------------------------------------------------
Median 15.11%
- --------------------------------------------------------------------------------------------------------------------------
State Mean 8.25%
-----------------------------------------------------------------------
Median 15.99%
- --------------------------------------------------------------------------------------------------------------------------
National Mean 18.94%
-----------------------------------------------------------------------
Median 16.91%
- --------------------------------------------------------------------------------------------------------------------------
Recent Conversion Mean 16.80%
-----------------------------------------------------------------------
Median 17.00%
- --------------------------------------------------------------------------------------------------------------------------
Bank Mean 11.24% 12.99% 14.69% 16.57%
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 1
<PAGE>
Exhibit 10 Stub Period - No Foundation
<TABLE>
<CAPTION>
<S> <C> <C>
Valuation Parameters
Nine Months Ended Y
Period Ended September 30, 1997 $ (183)(1)
Pre-Conversion Book Value B
As of September 30, 1997 $ 3,480
Pre-Conversion Assets A
As of September 30, 1997 $ 37,810
Return on Money R 3.48 (2)
Conversion Expenses $ 320
X 5.82 (3)
Proceeds Not Invested $ 660 (4)
Estimated ESOP Borrowings $440
ESOP Purchases E 8.00%(5)
Cost of ESOP Borrowings $44 (5)
Cost of ESOP Borrowings S 0.00 (5)
Amort of ESOP Borrowings T 10 Years
Amort of MRP Amount N 5 Years
Estimated MRP Amount $ 220 (6)
MRP Purchases M 4.00%
MRP Expense $ 44
Foundation Amount $ - (7)
Foundation Amount F 0.00 0.00%
Foundation Opportunity Cost $0
Tax Benefit Z $0 (8)
Tax Rate TAX 37.00%
Percentage Sold PCT 100.00%
Amount to be issued to Public $5,500 (9)
Earnings Multiple (1 if stub period, 0 if full twelve months) 9
</TABLE>
(1) Net income for the 9 months ended September 30, 1997.
(2) Net Return assumes a reinvestment rate of 5.52 percent (the 1 year Treasury
at September 30, 1997), and a tax rate of 37%.
(3) Conversion expenses reflect estimated expenses as presented in the offering
document.
(4) Includes Stock from ESOP and MRP.
(5) Assumes ESOP is amortized straight line over 10 years.
(6) Assumes MRP is amortized straight line over 5 years.
(7) Not applicable.
(8) Not Applicable.
(9) The amount to be offered to public.
Page 2
<PAGE>
Exhibit 10 Stub Period - No Foundation
Pro Forma Calculation
Calculation of Estimated Value (V) at Midpoint Value
3. V= P/E*Y = $5,500,000
-----
1-P/E*PCT*((1-X-E-M-F)*R-(1-TAX)*E/T-(1-TAX)*M/N)
2. V= P/B*(B+Z) = $5,500,000
---------
1-P/B*PCT*(1-X-E-M-F)
1. V= P/A*A = $5,500,000
-----
1-P/A*PCT*(1-X-E-M-F)
<TABLE>
<CAPTION>
Pre Foundation
-----------------------------------------------------------------------
Appraised Value
-----------------------------------------------------------------------
Conclusion Minimum Midpoint Maximum SuperMaximum *
-----------------------------------------------------------------------
<S> <C> <C> <C> <C>
Total Shares 467,500 550,000 632,500 727,375
Price per Share $10 $10 $10 $10
Full Conversion Value $4,675,000 $5,500,000 $6,325,000 $7,273,750
Exchange Shares 0 0 0 0
Exchange Percent 0.00% 0.00% 0.00% 0.00%
Conversion Shares 467,500 550,000 632,500 727,375
Conversion Percent 100.00% 100.00% 100.00% 100.00%
Gross Proceeds $4,675,000 $5,500,000 $6,325,000 $7,273,750
Exchange Value $0 $0 $0 $0
Exchange Ratio 0.000 0.000 0.000 0.000
-----------------------------------------------------------------------
</TABLE>
* SuperMaximum is an overallotment option that is 15% above the maximum amount.
Page 3
<PAGE>
Exhibit 10 Stub Period - No Foundation
<TABLE>
<CAPTION>
Proforma Effect of Conversion Proceeds
As of September 30, 1997
(Dollars in Thousands)
- ------------------------------------------ -----------------------------------------------------------------------
Conversion Proceeds Minimum Midpoint Maximum SuperMax
- ------------------------------------------ -----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Total Shares Offered 468 550 633 727
Conversion Shares Offered 468 550 633 727
Price Per Share $10 $10 $10 $10
-----------------------------------------------------------------------
Gross Proceeds $4,675 $5,500 $6,325 $7,274
Plus: Value issued to Foundation (9) $0 $0 $0 $0
-----------------------------------------------------------------------
Pro Forma Market Capitalization $4,675 $5,500 $6,325 $7,274
=======================================================================
Gross Proceeds $4,675 $5,500 $6,325 $7,274
Less: Est. Conversion Expenses $320 $320 $320 $320
=======================================================================
Net Proceeds $4,355 $5,180 $6,005 $6,954
=======================================================================
- ------------------------------------------
Estimated Income from Proceeds
- ------------------------------------------
Net Conversion Proceeds $4,355 $5,180 $6,005 $6,954
Less: ESOP Adjustment (3) $374 $440 $506 $582
Less: MRP Adjustment (3) $187 $220 $253 $291
-----------------------------------------------------------------------
Net Proceeds Reinvested $3,794 $4,520 $5,246 $6,081
Estimated Incremental Rate of Return 3.48% 3.48% 3.48% 3.48%
-----------------------------------------------------------------------
Estimated Incremental Return $99 $118 $137 $159
Less: Cost of ESOP (4) $0 $0 $0 $0
Less: Amortization of ESOP (7) $18 $21 $24 $27
Less: MRP Adjustment (7) $18 $21 $24 $27
-----------------------------------------------------------------------
Pro-forma Net Income $63 $76 $89 $105
Earnings Before Conversion ($183) ($183) ($183) ($183)
-----------------------------------------------------------------------
Earnings Excluding Adjustment ($120) ($107) ($94) ($78)
Earnings Adjustment (6) $0 $0 $0 $0
-----------------------------------------------------------------------
Earnings After Conversion ($120) ($107) ($94) ($78)
- ------------------------------------------
Pro-forma Net Worth
- ------------------------------------------
Net Worth at September 30, 1997 $ 3,480 $ 3,480 $ 3,480 $ 3,480
Net Conversion Proceeds 4,355 5,180 6,005 6,954
Plus: MHC Adjustment (7) 0 0 0 0
Plus: After tax Foundation Contribution - - - -
Less: ESOP Adjustment (1) ($374) ($440) ($506) ($582)
Less: MRP Adjustment (2) ($187) ($220) ($253) ($291)
-----------------------------------------------------------------------
Pro-forma Net Worth $7,274 $8,000 $8,726 $9,561
- ------------------------------------------
Pro-forma Tangible Net Worth
- ------------------------------------------
Pro-forma Net Worth $7,274 $8,000 $8,726 $9,561
Less: Intangible (5) $0 $0 $0 $0
-----------------------------------------------------------------------
Pro-forma Tangible Net Worth $7,274 $8,000 $8,726 $9,561
- ------------------------------------------
Pro-forma Assets
- ------------------------------------------
Total Assets at September 30, 1997 $ 37,810 $ 37,810 $ 37,810 $ 37,810
Net Conversion Proceeds $4,355 $5,180 $6,005 $6,954
Plus: MHC Adjustment (7) 0 0 0 0
Plus: Tax Benefit of Foundation - - - -
Less: ESOP Adjustment (1) (374) (440) (506) (582)
Less: MRP Adjustment (2) (187) (220) (253) (291)
-----------------------------------------------------------------------
Pro-forma Assets Excluding Adjustment 41,604 42,330 43,056 43,891
Plus: Adjustment (6) 0 0 0 0
-----------------------------------------------------------------------
Pro-forma Total Assets $41,604 $42,330 $43,056 $43,891
-----------------------------------------------------------------------
</TABLE>
Page 4
<PAGE>
<TABLE>
<CAPTION>
Proforma Effect of Conversion Proceeds
As of September 30, 1997
(Dollars in Thousands)
-----------------------------------------------------------------------
Minimum Midpoint Maximum SuperMax
-----------------------------------------------------------------------
- ------------------------------------------
Stockholder's Equity Per Share
- ------------------------------------------
<S> <C> <C> <C> <C> <C>
Net Worth at September 30, 1997 $7.44 $6.33 $5.50 $4.78
Estimated Net Proceeds $9.32 $9.42 $9.49 $9.56
Plus: MHC Adjustment $0.00 $0.00 $0.00 $0.00
Plus: Foundation Contribution $0.00 $0.00 $0.00 $0.00
Less: ESOP Stock ($0.80) ($0.80) ($0.80) ($0.80)
Less: MRP Stock ($0.40) ($0.40) ($0.40) ($0.40)
Pro-forma Net Worth Per Share $15.56 $14.55 $13.79 $13.14
Less: Intangible $0.00 $0.00 $0.00 $0.00
Pro-forma Tangible Net Worth Per Share $15.56 $14.55 $13.79 $13.14
- ------------------------------------------
Net Earnings Per Share
- ------------------------------------------
Historical Earnings Per Share (8) ($0.42) ($0.36) ($0.31) ($0.27)
Incremental return Per Share (8) $0.23 $0.23 $0.23 $0.24
ESOP Adjustment Per Share (8) ($0.04) ($0.04) ($0.04) ($0.04)
MRP Adjustment Per Share (8) ($0.04) ($0.04) ($0.04) ($0.04)
Normalizing Adjustment Per Share $0.00 $0.00 $0.00 $0.00
Proforma Earnings Per Share (8) ($0.27) ($0.21) ($0.16) ($0.11)
- ------------------------------------------
Shares Utilized
- ------------------------------------------
Shares Utilized 434 509 586 673
- ------------------------------------------
Pro-forma Ratios
- ------------------------------------------
Price/EPS without Adjustment -27.78 -35.71 -46.88 -68.18
Price/EPS with Adjustment -27.78 -35.71 -46.88 -68.18
Price/Book Value per Share 64.27% 68.73% 72.52% 76.10%
Price/Tangible Book Value 64.27% 68.73% 72.52% 76.10%
Market Value/Assets 11.24% 12.99% 14.69% 16.57%
-----------------------------------------------------------------------
</TABLE>
(1) ESOP Borrowings are deducted from net worth and assets, and amortized over
10 years.
(2) MRP Borrowings are omitted from net worth and assets, and amortized over 5
years.
(3) Consists of ESOP and MRP amortization.
(4) The ESOP loan is from the Holding Company and therefore,there are no costs.
(5) Not applicable.
(6) Not applicable.
(7) ESOP and MRP are amortized over 10 and 5 years respectively, and tax
impacted at 37%.
(8) All EPS computations are done in accordance with SOP 93-6.
(9) Not applicable.
Page 5
<PAGE>
Exhibit 10 Stub Period - No Foundation
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Total Shares Offered 468 550 633 727
Price Per Share $10 $10 $10 $10
-----------------------------------------------------------------------
Gross Proceeds 4,675 5,500 6,325 7,274
Estimated Insider Purchases -575 -575 -575 -575
ESOP Purchases -374 -440 -506 -582
-----------------------------------------------------------------------
Proceeds to Base Fee On 3,726 4,485 5,244 6,117
Underwriters Percentage 0.00% 0.00% 0.00% 0.00%
-----------------------------------------------------------------------
Underwriters Fee 0 0 0 0
Advisory Fee 0 0 0 0
-----------------------------------------------------------------------
Total Underwriters Fee 0 0 0 0
All Other Expenses 320 320 320 320
-----------------------------------------------------------------------
Total Expense 320 320 320 320
Shares Outstanding 468 550 633 727
Less: New ESOP Adjustment 37 44 51 58
Less: Old ESOP Adjustment (1) 0 0 0 0
Plus: New SOP 93-6 ESOP Shares (2) 3 3 4 4
Plus: Old SOP 93-6 ESOP Shares (2) 0 0 0 0
Shares for all EPS Calculations 434 509 586 673
Dilution of Stock Options 10.81%
Dilution of MRP 4.32%
</TABLE>
<TABLE>
<CAPTION>
Post Foundation
-----------------------------------------------------------------------
Appraised Value
-----------------------------------------------------------------------
Conclusion Minimum Midpoint Maximum SuperMaximum
-----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Shares Issued and Exchanged 467,500 550,000 632,500 727,375
Price per Share $10 $10 $10 $10
Shares Issued to Foundation - - - -
Total Shares 467,500 550,000 632,500 727,375
Exchange Shares - - - -
Conversion Shares 467,500 550,000 632,500 727,375
Implied Exhange Ratio - - - -
Gross Proceeds $4,675,000 $5,500,000 $6,325,000 $7,273,750
Exchange Value $0 $0 $0 $0
-----------------------------------------------------------------------
MRP Dilution
Shares Outstanding 468 550 633 727
Less: New ESOP Adjustment 37 44 51 58
Plus: New MRP issued (1) 19 22 25 29
Plus: New SOP 93-6 ESOP Shares (2) 3 3 4 4
(2)
-----------------------------------------------------------------------
Shares for all EPS Calculations 452 531 611 702
EPS $ (0.25) $ (0.19) $ (0.14) $ (0.10)
BV/Share $14.96 $13.99 $13.27 $12.64
</TABLE>
Page 6
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Option dilution
Shares Outstanding 468 550 633 727
Less: New ESOP Adjustment 37 44 51 58
Plus: Options (1) 47 55 63 73
Plus: New SOP 93-6 ESOP Shares (2) 3 3 4 4
(2)
-----------------------------------------------------------------------
Shares for all EPS Calculations 480 564 649 746
EPS $ (0.25) $ (0.19) $ (0.14) $ (0.10)
BV/Share $15.05 $14.13 $13.45 $12.86
Foundation Dilution
Aftertax expense $0 $0 $0 $0
EPS ($0.27) ($0.21) ($0.16) ($0.11)
Adjusted EPS -0.28 -0.21 -0.16 -0.12
</TABLE>
Page 7
<PAGE>
EXHIBIT 11
Exhibit 11
FinPro
- ----------------------
About the Firm
- ----------------------
FinPro, Inc. was established in 1988 as a full service management consulting
firm specializing in providing advisory services to the Financial Institutions
Industry. FinPro provides management advisory services for Banks, Thrifts,
Finance Companies and NonBank Banks. Additionally, FinPro has performed work for
the Federal Bankruptcy Court, Federal Deposit Insurance Corporation, Office of
Thrift Supervision and the Resolution Trust Corporation. FinPro is recognized as
an expert in banking and in loan analysis by the Federal Bankruptcy Court.
FinPro is independently owned, not associated or affiliated with any transaction
oriented firm. This provides FinPro with an unbiased platform from which to make
analytical recommendations. FinPro believes that a client deserves to be told
all of the alternatives, along with their associated benefits and downsides and
that a decision should be made on its merits. This uniquely positions FinPro as
an objective third party willing to suggest the unpopular strategies, unlike its
competitors who rely on a transaction to get paid.
FinPro is headquartered in Liberty Corner, New Jersey and has a branch office in
Buffalo, New York. FinPro focuses geographically on the Mid-Atlantic region, but
has performed work in all other regions across the nation.
FinPro principals are frequent speakers and presenters at financial institution
trade association functions. In addition, FinPro designed the Statistical Report
Analysis currently produced quarterly by the New Jersey Savings League for its
members. FinPro also hosts a tri-annual Presidents Breakfast for Presidents of
New Jersey Community Banks.
FinPro maintains a library of databases encompassing bank and thrift capital
markets data, census data, branch deposit data, national peer data, market
research data along with many other related topics. As such, FinPro can provide
quick, current and precise analytical assessments based on timely data. In
addition, FinPros geographic mapping capabilities give it a unique capability to
thematically illustrate multiple issues and to provide targeted marketing
opportunities to its clients.
<PAGE>
FinPro, Inc.
About the Firm Page 2
- --------------------------------------------------------------------------------
FinPro has also designed and built PC-based software programs to utilize as
tools in its work. Examples include:
o A proprietary software program (LaRS ) to perform loan review
analytics.
o A duration based asset/liability model.
o A five year strategic planning, three year business planning, and one
year budgetary model that completely simulates an entire institution.
o A branch and product profitability model.
o A market performance grid and branch improvement grid model.
Using systems such as these, FinPro provides state-of-the-art end products
in all of its product and service areas.
<PAGE>
FinPro, Inc.
About the Firm Page 3
- --------------------------------------------------------------------------------
- ------------------------------
Key Player Biographies
- ------------------------------
Donald J. Musso - Managing Director and President
Donald founded FinPro, Inc. in 1987 as a consulting and investment
banking firm located in New Jersey that specializes in providing
advisory services to the financial institutions industry. Mr. Musso
has a broad background in capital markets, bank valuations, enhancing
franchise value, corporate finance, mergers and acquisitions,
asset/liability management, strategic planning, market feasibility and
differentiation, branch acquisition, sales, consolidation and
profitability, financial modeling and analysis, balance sheet
restructuring, product and segment profitability, business development
and project management. Besides his consulting experience, he has
solid industry experience, having worked for two $10 billion plus east
coast financial institutions.
Mr. Musso has provided expert testimony on financial institutions
matters for the Federal Bankruptcy Court, the Office of Thrift
Supervision and the United States Attorneys Office.
He is a frequent speaker on Financial Institution related topics and
has assisted trade groups in various activities.
Prior to establishing FinPro, Donald had direct industry experience
having managed the Corporate Planning and Mergers and Acquisitions
departments for Meritor Financial Group, a $20 billion institution in
Philadelphia. Before that, he had responsibility for the banking,
thrift and real estate consulting practice in the State of New Jersey
for Deloitte Haskins & Sells.
Donald has a B.S. in Finance from Villanova University and a M.B.A. in
Finance from Fairleigh Dickenson University.
<PAGE>
FinPro, Inc.
About the Firm Page 4
- --------------------------------------------------------------------------------
Steven P. Musso - Managing Director
Steve joined FinPro in 1989 and is one of the founding members of the
firm. He has extensive experience in performing a wide array of market
feasibility studies, branch profitability analysis, CRA analysis, loan
reviews and work-outs and strategic planning engagements.
Steve manages the FinPro office in Western New York. Additionally, he
is responsible for managing many strategic planning, loan reviews,
market feasibility and CRA engagements.
Steve is responsible for the development of FinPros CRA, market
feasibility and Loan Review products.
Steve is currently a licensed real estate agent in New Jersey. Prior
to joining FinPro he practiced real estate in Philadelphia,
Pennsylvania
Mr. Musso has a B.S. in Finance from Syracuse University.
<PAGE>
FinPro, Inc.
About the Firm Page 5
- --------------------------------------------------------------------------------
Kenneth G. Emerson, CPA - Director
Ken joined FinPro in October 1996 and has concentrated on bank
valuations, strategic plans, and branch profitability. His twelve
years of experience at banks and brokerage firms, with respect to
accounting, reporting, and information systems serve him well in
this capacity. Kens prior employers include Summit Bancorp,
Valley Savings Bank, Howard Savings Bank, Carteret Mortgage
Company, CIT Data Corp., and Mahler & Emerson Inc. While at those
institutions his responsibilities included asset/liability, cash,
back office, operations, objective, and LAN management, in
addition to regulatory reporting (FRB, FDIC, OTS, State of New
Jersey Department of Banking, and NASD), SEC reporting,
shareholder reporting, budgeting, acquisitions, sales,
conversions, interfaces, and FASB implementation.
Mr. Emerson has a B.A. in Accounting from Franklin & Marshall
College.
<PAGE>
FinPro, Inc.
About the Firm Page 6
- --------------------------------------------------------------------------------
Dennis E. Gibney - Senior Financial Analyst
Dennis has been concentrating on the firms asset/liability
products. Market feasibility, competitive analysis, branch
profitability and branch sales/acquisitions are other areas of
specialization.
Dennis joined the firm in June of 1996. He received a B.S. from
Babson College with a triple-major in Finance, Investments and
Economics. Prior to joining the firm, Dennis received broad based
experience in the securities industry.
Dennis worked for Merrill Lynch & Co. supporting their
Mortgage-Backed trading desk in New York as an Allocations
Specialist and for Sandler ONeill & Partners, where he provided
sales and trade support. FinPro, Inc.About the Firm Page: PAGE
